Thomas Queen Solicitor and Estate Agent in Dunfermline

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Inheritance Tax

Although property prices have stayed pretty stable since the financial turmoil of 2008 it is still a matter of record that a property which would have cost £3000 in the mid 1970’s would now sell for somewhere between £160,000 and £180,000.

Whilst there is little sign that house prices will be rising rapidly anytime soon the fact of the matter is that no-one saw the previous crash coming and as such it is better to be prepared for every eventually. Over the last one hundred years house prices have on average doubled every eight years and who is to say that house price inflation will not return any time soon.

It was not so long ago that only 3% of Estates where subject to Inheritance Tax but with house prices having rapidly increased it became apparent that prior to the last Labour government introducing the ability to use any unused personal allowance of the first spouse to die in calculating the Inheritance tax of the second(and so providing families with the possibility of using two personal allowances) that a sizeable amount of ‘normal’ families were being exposed to Inheritance Tax. It didn’t take a very expensive house when added to Bank Accounts, Insurance Polices etc for an Estate on the second death to be liable to substantial Inheritance Tax which is due at the rate of 40% above the personal allowance.

However if house prices were again to rise and if the personal allowance were not to be increased to reflect this, then the spectre of Inheritance Tax for many families will rise again somewhere in the future. It is recommended therefore that families find out exactly what the Inheritance Tax position is for them and as such please note that an initial interview will be free and without obligation.

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