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IHT hit for homeowners in eight years

The average UK homeowner could be liable for inheritance tax in eight years if house prices continue to grow at the present rate according to Stroud & Swindon Building Society.

Research from the building society shows that the average homeowner in Greater London will be liable for IHT in one year, those in the South East in four years and in East Anglia it will take six years if house prices continue to rise at the current rate.

But the research found that homeowners are likely to breach the IHT threshold even sooner when other taxable assets are taken into account.

Stroud & Swindon Building Society sales director Paul Chafer says: “Many ordinary consumers still assume that they do not have sufficient assets to be liable for inheritance tax. However, this research shows that in eight years if a person owns the average UK home, they are likely to be liable for inheritance tax at 40 per cent of everything over the IHT threshold.

“This is potentially a huge amount and when consumers have already been paying tax on their income their whole lives, seems a completely unjustified penalty.”


Bankhall in row over mortgage club

A row has broken out between Bankhall and former emp- loyee Mike Buckley over mortgage club Premier Mortgage Service. Bankhall chief executive Peter Mann objected to comments made by PMS rival Active Management Group chief executive Buckley in Money Marketing last month. Buckley said: “John Malone at PMS has built a very successful business and […]

Lutine in mass move with indemnity PTA

Lutine is offering a pension term assurance product with full indemnity commission to IFAs which it claims is an industry first. The move is part of Lutine’s move away from niche protection towards the mainstream market. The Lloyd’s of London syndicate offers PTA as a switch option for customers on an ordinary term life product […]

Three’s a crowd

Our occasional series of look-a-likes continues with Winterthur technical wizard Andy Boyt and a menage a trois of mammoth proportions. Andy’s kind colleagues have sent in convincing evidence that he was separated at birth from the overrated Phill Jupitus and still reasonably funny Johnny Vegas. Their similar ages, facial hair and, of course, girth are […]

File checks offered online

Bankhall has introduced a compliance service that all- ows members to conduct file checks online. The service, launched at its Berlin conference, has three formats – a full review, suitability review or pre-sale review. Costs range from 30 for a pre-sale or suitability review on non-investment products to 75 for an investment, pension or mortgage […]


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