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Death Tax frozen for another three years

Inheritance Tax to hit dozens more families over next three years

The government is set to receive an additional £190 million tax revenue over the next three years, after deciding that the threshold of £325,000 for Inheritance Tax will remain in place until 2014-2015.

Although it was originally agreed that the threshold would increase to £350,000 as laid out in the 2007 Finance Bill, the figure has now been frozen for the second time, amidst complaints from the Conservatives, who are promising to raise the threshold to £1 million.

The considerable extension of this period of application will mean Inheritance Tax will likely net dozens more families over the three year period.

Inheritance Tax, which begins at 40%, may mean that many “children” will need to sell the family home in order to pay the subsequent tax bill.

If you are unsure as to whether the recipients of your Estate will be liable to Inheritance Tax, contact me for more detailed information.

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