Rise in House Prices

Large rises in house prices has lead to a record number of families facing huge inheritance tax bills.

The Halifax estimates 1.5 million homes are worth more than the present base rate of Inheritance tax being £285,000 and want the Chancellor to raise the limit to £430,000.

The figure of families that will have to pay this tax has risen from 34% to 41% in the last year.

A large number of people to have had to pay only the standard rate of tax all their working life but their families will have to pay 40% tax on the property value and savings.

More and more people are now making financial arrangements to lease assets to families in advance.