Dec 5 2006
New research published this week has shown that, for the first seven months of the 2006-07 financial year, the revenues raised through inheritance tax (IHT) have increased to £2.1 billion.
Halifax reports that this sum is a nine per cent increase compared to the same period in the previous financial year. It predicts that the total IHT revenue for the current financial year will be £3.6 billion, an increase of 300 million over 2005-06.
Martin Ellis, chief economist at the bank, said: "More and more parts of the country are now being impacted by property related taxes as the thresholds for both inheritance tax and the higher rates of stamp duty have not kept pace with house price inflation."
He added that the company was calling on the government to raise these thresholds and in future link their levels to that of house price inflation.
Last month, Scottish Widows reported that 5.3 million people in the UK would be liable to pay IHT purely due to the value of their property.
