Cheer for Couples On Inheritance Tax ; in Association with Fish4homes Mortgage Watch with Ben Kent of Penny Lane Financial Services
Liverpool Echo › October 17, 2007
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Summary
THE Chancellor, Alistair Darling's first pre-budget report has brought good news for house owners.
Firstly, married couples and civil partners can now transfer their nil rate inheritance band, currently pounds 300,000, to their spouse on their death. At the moment on the death of the second partner, the value of their estate over the nil rate band is taxed at 40%. This means that a husband and wife with an estate valued at pounds 600,000 will currently pay inheritance tax of pounds 120,000, if the full value of the estate passes to the surviving spouse. Under the new proposals, the whole value of the estate will be tax free. This allowance for a couple will increase in 2010 to pounds 700,000. This is good news for house owners. We have all seen house prices double in value every seven to eight years. Therefore, any readers who have a home valued at pounds 150,000 would see it increase in value to pounds 600,000 in approximately 15 years, and pounds 1.2 million in 23 years. I believe this will be good news for many house owners.See the full content of this document
Extract
Cheer for Couples On Inheritance Tax ; in Association with Fish4homes Mortgage Watch with Ben Kent of Penny Lane Financial Services
An added bonus is that the Chancellor has not set a time limit on the transfer to the nil rate band....
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