Londoners to bear the brunt of stealth IHT rises
- On March 17, 2021
- By GrowthInvest Marketing
Londoners are set to bear the brunt of a stealth inheritance tax (IHT) rise announced by the Chancellor in his budget last week because of property values in the capital.
The nil rate band and residence nil rate band were frozen by the Chancellor until 2026. But average prices in London are already higher than the nil rate band of £325k plus the extra £175k residence nil rate band for homes that pass to direct descendants.
And by 2025 average prices in London are forecast to have risen to £548k by estate agents Savills, leaving an IHT liability of at least £19k before any other assets are taken into account.
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