PM keen to increase inheritance tax threshold higher

By Lenore Rice

David Cameron says he is keen to encourage more people to leave an inheritance to their family by increasing the threshold at which inheritance tax becomes payable.

Mr Cameron says he believes only "rich" people should have to pay inheritance tax, and that the Conservatives have been prevented from raising the inheritance tax threshold to £1million because of opposition from the Liberal Democrats - it was a Conservative party pledge to increase the threshold.

Inheritance tax is currently payable at a rate of 40 per cent on estates worth more than £325,000. Mr Cameron says the relatively low threshold means that the estates of people who have worked and saved hard to own their property outright can then become liable for inheritance tax if they intend to pass their house on to their family. In some cases the beneficiaries under a Will will have to find money to pay the inheritance tax or sell the property they inherited in order to discharge the tax bill.

If you require information and advice in respect of inheritance tax or writing a Will, or updating an existing Will, contact Wilson Nesbitt in Belfast by calling 0800 840 9293.