Feb 26 2007
The average house price is above the inheritance tax (IHT) threshold in 11 per cent of postcode districts in England and Wales, it has been reported, with 2.3 million properties exceeding this level in the UK.
Research from Halifax found that 236 postcode districts in the country now have an average house price exceeding the IHT threshold.
Tim Crawford, group economist at the firm, said: "The potential reach of IHT is extending year by year across the country.
"There has been a doubling in the number of postcodes where the average house price is now above the threshold in the past five years."
He added that house prices continue to increase at a rate exceeding that of the IHT threshold, calling on the government to raise the latter to £460,000 to account for the increases in property prices over the last decade.
Last November, a study from Scottish Widows revealed that 67 per cent of homeowners believe the current IHT threshold is unfair.
