Gordon Brown has announced the Inheritance Tax threshold will increase to £350,000 by 2010, which he claims will ensure 94% of estates do not fall into the IHT net.
At the moment, the threshold is £285,000, which increases to £300,000 for the year 2007-2008, however in his speech today the Chancellor announced the IHT threshold will rise annually to end at £350,000 for the 2010-11 tax year, to continue to provide a “fair and targeted system”. The IHT threshold will move from £300,000 for the 2007-08 year, starting in April, to £312,000 in 2008-09, £325,000 for the year 2009-10, and increasing to £350,000 in 2010-11. In addition, Brown raised the annual exemption for capital gains tax from £8,800 to £9,200, and will be £18,400 for married couples, wh...
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