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&#39IHT bands would lead wealthy to sell homes&#39

Wealthy homeowners may be forced into downsizing their properties as they reach retirement to save inheritance tax, says Baring Private Clients.

Baring believes the top end of the property market will cool off if the Government introduces IHT bands.

Thinktank the Institute for Public Policy Research recently issued a paper proposing a new top IHT rate of 50 per cent for estates worth more than £763,000. Properties worth between £263,000 and £288,000 would pay 22 per cent and those between £288,000 and £763,000 would pay 40 per cent under the plan.

Baring director of private client business development Guy Davies says: “One poss-ible solution could be that homeowners, mostly in their 50s or 60s, sell and downsize their property as they reach retirement. The remaining cash could be placed into trust.”


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