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| More homes 'face inheritance tax' | More homes 'face inheritance tax' |
| (about 1 hour later) | |
| More than two million families now live in property worth more than £300,000 - the level at which inheritance tax (IHT) is levied - a report says. | |
| The study from the Halifax found that in 236 postcode areas, mainly in London and south-east England, the average house price now tops £300,000. | The study from the Halifax found that in 236 postcode areas, mainly in London and south-east England, the average house price now tops £300,000. |
| It said if current trends continued, 4.3 million homes will be worth more than the IHT threshold by 2020. | It said if current trends continued, 4.3 million homes will be worth more than the IHT threshold by 2020. |
| The Treasury said that just 6% of estates were subject to IHT at present. | The Treasury said that just 6% of estates were subject to IHT at present. |
| Property prices are rising faster than the level of IHT, the Halifax added. | Property prices are rising faster than the level of IHT, the Halifax added. |
| Since 2001 the number of postcode areas where the average property price is above that level has more than doubled. | Since 2001 the number of postcode areas where the average property price is above that level has more than doubled. |
| 'Raise levels' | 'Raise levels' |
| "The potential reach of inheritance tax is extending year-by-year across the country," said group economist at the Halifax, Tim Crawford. | "The potential reach of inheritance tax is extending year-by-year across the country," said group economist at the Halifax, Tim Crawford. |
| "There has been a doubling in the number of postcodes where the average house prices is now above the threshold in the past five years," Mr Crawford added. | "There has been a doubling in the number of postcodes where the average house prices is now above the threshold in the past five years," Mr Crawford added. |
| He called on the government to commit to raising the level of IHT in the budget on 21 March. | He called on the government to commit to raising the level of IHT in the budget on 21 March. |
| The IHT threshold is set to rise from £300,000 to £325,000 by April 2009. | The IHT threshold is set to rise from £300,000 to £325,000 by April 2009. |