Gordon Brown's Budget speech was "deliberately misleading" when he stated just 6% of estates will be caught by Inheritance Tax in 2010, claims the Way Group.
In the Budget last Wednesday, the Chancellor of the Exchequer stated raising the nil-rate band threshold to £350,000 for the year 2010-11 will ensure 94% of estates will avoid paying IHT. However, an estate planning specialists the Way Group says each family normally consists of two estates – one for each partner - with IHT normally only due when the second person dies. It argues converting the Chancellor's estimate from ‘single’ estates to 'family' means in reality 12% of families will be “stung” with an IHT bill within three years. And it warns because of spiralling property prices ...
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