However The Threshold Of This Tax – Why Worry About Inheritance Tax

inheritance taxThis in itself is true.

UK Revenue and Customs claim that more than 96percent of people wouldn’t leave an estate large enough to qualify for Inheritance Tax. On top of this, the threshold of this tax, originally set up for the ‘superrich’, has grown at this type of a slow rate that this tax will affect a larger number of families than was first thought.

The threshold as of 6th April 2004 is 263,It is rising on 6th April 2006 to 275,This means that tax is payable at 40percentage on everything over and above this figure. With rising property rates in the UK (a recent report by the Halifax Building Society placed the price of an average London property at 257,-this situation will affect a lot of us, as you can see.

inheritance tax-like most people you have probably worked plenty of your life and therefore you have paid tax to the Government every and each week/month since you started work, all those years ago.

And now here is the question. In the example given on the front page of this site we provided an example where over SEVENTY THOUSAND POUNDS will be payable in tax -that’s a sum of money that you should surely leave to your nearest and dearest rather than just handing it over to the Government? Usually, your house, savings, car and suchlike -that money is yours that you have already paid tax on. Why pay it again, this is the case right?

You may also be thinking -there is nothing I can do about it? Donna Critchley is the owner of the website http. On it she provides details of the various legal ways inheritance tax can be avoided/limited. You’d be wrong there percentage of Inheritance tax paid.

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