Almost a million properties to benefit from IHT threshold change
8th July 2015
- 953,498 more properties in England, Scotland and Wales would be exempt from Inheritance Tax under Osborne’s proposals to raise threshold
- Londoners would benefit the most with an extra 428,011 homes escaping the levy
Nearly one million properties in England, Scotland and Wales could benefit from the Chancellor’s proposals to raise the Inheritance Tax (IHT) threshold, according to property website Zoopla.
The plans outlined in today’s Budget would see the IHT threshold rise from £325,000 per person to £500,000, meaning that married couples can pass on assets worth up to £1m without paying any levy at all. This would raise the total number of homes completely exempt from IHT from 26.33 million to 27.28 million, an increase of 953,498.
Beneficiaries in London stand to gain the most from the new ruling, with 428,011 extra properties escaping IHT. Almost a quarter of a million more homes in the South East would also be exempt from the levy.
Lawrence Hall of Zoopla comments: “Due to rising house prices, the number of families paying death duties would have soared in coming years, so the decision to increase the threshold is a sensible solution to a problem that was bubbling under the surface. As with the Stamp Duty changes, these proposals are a much-needed modernisation of thresholds that would have risked becoming obsolete as property values head northwards. Most of us work hard our entire lives so that we can bequeath assets to our children and grandchildren and the increased threshold means fewer families will be stung by the taxman after relatives pass away.”
Number of newly exempt homes by region
|Region||Number of newly exempt homes (from £650k to £1m)|
|South East England||237,346|
|East of England||100,776|
|South West England||63,526|
|North West England||24,506|
|North East England||13,168|
|Yorkshire & Humber||9,983|
- Ends -
For further information, please contact Tim Vooght at firstname.lastname@example.org or on 020 3872 5615.
Notes to editors
Zoopla is the UK's most comprehensive property website, focused on empowering users with the resources they need to make better-informed property decisions. We help consumers both find their next home and research the market by combining hundreds of thousands of property listings with market data, local information and community tools.
At Zoopla we are fans of transparency and everything we do is aimed at making the market more efficient for both property consumers and advertisers alike. Zoopla has rapidly become the UK’s leading online destination for property consumers to search for homes and do their market research and the favoured online marketing partner for UK estate agents, letting agents and property developers.
Launched in 2008, Zoopla has since been one of the fastest growing websites in the UK, now attracting over 40 million visits per month and we are proud to have collected numerous awards and accolades along the way, including being named one of the Top 10 UK Tech Companies (Guardian) and one of the Top 10 Most Innovative UK Companies (Smarta).
Zoopla is part of Zoopla Limited which was founded in 2007.
Zoopla Limited, The Cooperage, 5 Copper Row, London, SE1 2LH
Registered in England and Wales with Company No. 09005884
VAT Registration number: 191 2231 33
Data Protection number: Z9972266