May 1 2007
Britons who believe that inheritance tax (IHT) affects only the most well-off members of society have been warned that the combined value of their estate can take them well over the threshold for the tax.
Financial services firm Edward Jones is holding a free seminar in order to discuss the issues surrounding the tax to advise consumers on their potential liability and means of planning.
Simon Botfield, a financial adviser and stockbroker at the firm, said: "Many people don't realise how much their estate can amount to once everything is taken into account."
He added that the combined value of cars, business interests, savings, jewellery and the family home can easily take the worth of an estate past the £300,000 threshold for the tax, with any beneficiaries liable for this expense.
Last month, Abbey welcomed the planned rise in the IHT threshold to £350,000 by 2010, but called for a rise to £460,000 to fully account for the rise in house prices over the past decade.
