Inheritance tax warning as ‘ordinary families’ dragged into 40 percent tax net | Personal Finance | Finance
However, inheritance tax thresholds such as the nil-rate band have been frozen until 2026, compounding the issue further.
Joe Cobb, Partner and Head of Private Client at JMW Solicitors, said: “At a time when the average home in Britain costs £292,000, some may say that it is time the nil-rate band and the residence nil-rate band were looked at again.
“Today, the IHT nil-rate band is worth a fraction of what is was 13 years ago – £125,000 less in real terms.
“This has resulted thousands of families being subjected to the inheritance tax rate of 40 percent on that additional amount.”
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