NAEA responds to Inheritance Tax stats

Following the announcement from the Halifax, that inheritance tax revenue has increased by 13 per cent from the first half of 2005, hitting record levels of £1.7bn, The National Association of Estate Agents has urged the Government to raise the threshold inline with house price inflation.

The National Association of Estate Agents (NAEA) is the UK’s leading professional body for estate agency personnel, representing the interests of approximately 10,000 members who practice across all aspects of property services both in the UK and overseas. These include residential and commercial sales and lettings, property management, business transfer and auctioneering.

Joint Vice President, Chris Wood commented:
“The NAEA has repeatedly asked the Government to raise the inheritance tax threshold in line with house price inflation. A vast number of properties now fall under the threshold, and the plan to increase this to £325,000 by 2010, simply does not go far enough.

Whilst I appreciate that taxes have to be raised from some where, a 13 per cent increase in revenue in just 12 months highlights the extent that inheritance tax has become a ’stealth’ tax.”