Wednesday, January 25, 2006

You Can't Take it With You

New research from the Halifax and the Council of Mortgage Lenders (CML) claims that almost two-thirds of people with detached houses will now fall into the inheritance tax trap - meaning their estate would pay a 40 per cent higher tax rate when they die, even though they may never have been a high rate taxpayer in life.

Where ten years ago, people owning their own properties received £2.6 billion in help from the Government in terms of income support and mortgage interest tax relief. Now, home-owners are presently net contributors to the Treasury, paying £7.5 billion in inheritance tax and stamp duty. Home-owners are today on average £550 a year worse-off because of government tax policies.

1 comment:

Anonymous said...

Although the evidence continues to grow about the way this Labour government has attacked middle-income purses like stealthy pick-pockets, those unfairly hit have yet to reflect this as an issue at the ballot-box. Wake up fellow Englishmen!