PROVIDERS have criticised the Chancellor for not raising the IHT nil band threshold high enough and for glaring omissions on key areas of IHT legislation in the Budget.
Brown’s announcement the IHT nil band threshold would rise from £285,000 to £350,000 by 2010 was not a surprise as he already announced in previous Budgets the threshold would be increased to £325,000 by 2009. The rise will be made gradually to more than £300,000 for 2007-8 for the year staring in April, to £312,000 in 2008-9, £325,000 in 2009-10 and £350,000 in 2010-11. However, providers criticised Brown for not going far enough to counteract the impact of house price inflation pushing people into the IHT net. Anne Young, technical director at Scottish Widows, said: “While this incre...
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