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Halifax reveals IHT rises
24 March 2007
Nearly a third of detached properties are valued above the inheritance tax (IHT) threshold, according to research from Halifax.
It calculated that nearly one-third of detached property owners in the UK could be liable for IHT, with 29 per cent of detached house prices now above the 2007/08 IHT threshold of £300,000.
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Five years ago only 16 per cent of detached properties were sold above the IHT, when the threshold was £242,000.
The research included examining detached house prices and sales across all UK regions, along with prices and sales in 1,709 postcode districts across England and Wales.
In London, Halifax calculated that 88 per cent of detached property sales in the past year were above the IHT threshold. 59 per cent of property sales in the South East were above the threshold, and the South West had 31 per cent of property sales above the IHT threshold.
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Tim Crawford, group economist at Halifax, said: “House prices have risen at a much faster rate than the IHT threshold over the past decade, which has led to a sharp rise in the number of homes valued above the threshold. Now, the average detached house is valued above the IHT threshold of £300,000.
“We call on the government to raise the IHT threshold to £460,000. That new level would account for the rise in property prices in the past decade.”
Brian Murphy, lending manager at the Mortgage Advice Bureau, commented: “IHT as a whole needs reviewing by the government. It was originally intended to tax those with significant estates, whereas now it is affecting modest family homes.”