Mortgage holders may be interested to hear that a banking institution has gone on the offensive over inheritance tax thresholds, as chancellor Gordon Brown prepares to unveil his 11th annual Budget this week.
According to statistics from financial services provider Halifax, house prices have increased by approximately 200 per cent since 1996, meaning many mortgage holders have had to borrow more than ever before to get on the property ladder.
Over the same time period, it is claimed that the inheritance tax threshold has risen 95 per cent to £300,000.
Yet if house prices were directly linked to the tax, the banking institution has indicated that the IHT threshold should now stand at £460,000, prompting Halifax's group economist Tim Crawford to call on the chancellor to redress the imbalance on Wednesday, March 21st 2007.
"We call on the government to raise the inheritance tax threshold to £460,000," he said.
"That new level would account for the rise in property prices in the past decade."
Earlier this month, Nationwide's latest house price study indicated that the average property has increased in value by 10.2 per cent in the year to February 2007.
The rise potentially means many homeowners will be able to call upon a large amount of additional equity if they decide to find a remortgage deal.
Banking institution calls for inheritance tax revisions, mortgage holders told
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Banking institution calls for inheritance tax revisions, mortgage holders told
Mon, 19 Mar 2007
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