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Charcoal warns homeowners on IHT

IFA Charcol is warning that many homeowners particularly in London and the South east could still be hit by inheritance tax, despite the Chancellor Gordon Brown raising the threshold to £250,000 from £242,000 in yesterdays budget.

The IFA says that while the Chancellor suggested only 4 per cent of households would be affected by IHT under the new threshold, the reality is likely to be much higher in the South east due to the booming property market.

Senior technical manager Ray Boulger says: “Although this rise in the IHT threshold is marginally above the rise that would have been expected purely on the retail price index alone, this still falls far short when taking into account the extent of recent house price increases.”

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