Why is Inheritance Tax affecting more people?

It will never happen to me...

 

Many think having pay Inheritance Tax (IHT) will never apply to them, yet according to reports in 2015/2016 tax year HM Revenue & Customs collected nearly £4.7 billion from thousands of families. This tax take was a sizable 22% up on the previous year.*

In fact according to a recent survey three fifths of people, aged 45+,with a potential IHT bill were unaware their estate could be liable for the 40% tax.**

The increase in house prices is one reason why more families are paying this tax. In the last 15 years, house prices in the North East have more than doubled.***

If your home is worth over £325,000 could could be affected book an appointment with a Financial Adviser to find out if you might need to take action. Remember when IHT needs to be paid it's already too late. 

HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen

*Source: HM Revenue & Customs, Inheritance Tax Statistics, July 2016)

**Source: Canada Life IHT Survey, October 2016)

***Source: Land Registry; UK House Price Index March 2017)

Newcastle Building Society introduces to Newcastle Financial Advisers Limited for investments, pensions, inheritance tax planning, financial advice and life cover. Newcastle Financial Advisers Limited is an appointed representative of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.