Another stealth tax…?

The house price boom over the last few years now means that one third of UK households have to worry about inheritance tax.

Inheritance tax is charged at 40% when someone dies with wealth in excess of £275,000.

Tory shadow chancellor George Osborne was reported in the Daily Express as saying: ‘Inheritance tax has become the latest stealth tax imposed on hard working families. Millions of people who are not rich in anyone’s eyes are being drawn into the tax net due to the way Gordon Brown has played stealthy tricks with inheritance tax thresholds.’

As we always say, “the sooner you start your tax planning the more tax you will save”, i.e. don’t leave it until you’re on your death bed!.