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One third of detached homes now pay IHT
One third of detached homes now pay IHT
Almost one in three detached homes in the UK are now liable for inheritance tax (IHT), research for Halifax has revealed.
Just five years ago, only 16 per cent of detached homes were valued above the then IHT threshold of £242,000.
Almost nine in ten detached homes (88 per cent) sold in London last year were valued above the IHT threshold, and no less than ten per cent are affected in any region of the UK
"House prices have risen at a much faster rate than the inheritance tax threshold over the past decade," said Tim Crawford of Halifax.
"That has led to a sharp rise in the number of homes valued above the threshold. Now, the average detached house in the UK is valued above the inheritance threshold of £300,000."
Halifax said that the threshold for IHT payments should be raised to ₤460,000 to account for the massive increases in value that homeowners have experienced.
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