Anorak News | Inheritance Tax: House Price Inflation Is Not Hard Work

Inheritance Tax: House Price Inflation Is Not Hard Work

by | 17th, August 2007

THE Tories are looking at Inheritance Tax. And Inayat Bunglawala is an Assistant Secretary-General at the Muslim Council of Britain writes:

In recent years more and more families have begun to get caught up in the inheritance tax net as the rise in house prices has far outstripped the increase in the inheritance tax threshold (currently £300,000). And at 40%, the tax – which now pulls in £3 billion a year for the government – can be a very heavy hit on a family’s finances especially if they have already spent many years paying off the mortgage.

Of course, those fortunate to be very wealthy have access to lawyers who specialise in this area to help ensure that their clients’ exposure is minimised by making use of various concessions and schemes including “gifting” property to children to avoid the tax.

The upshot of all this is that inheritance tax is becoming an increasingly immoral tax that is penalising hard working families.

The tax is not liked. But what have rising house prices got to do with hard work? And that question to you estate agents….

Posted: 17th, August 2007 | In: Reviews Comment | TrackBack | Permalink