The Budget 2005 & Inheritance Tax: Has the Chancellor Done Enough?Written by Janine Byrne
Introduction'The Government's economic objective is to build a strong economy and a fair society, where there is opportunity and security for all." So reads opening statement of Labour Government's 2005 Budget. But word 'fair' is wide off mark when considering incidence of inheritance tax on an increasing number of homeowners over past few years. The Inheritance Tax Problem Over past few years inheritance tax ceased to be 'rich person's tax' or 'voluntary' tax which it used to be. The cause of problem has been ever increasing scale of house prices resulting in property values which far exceed Nil Rate Band exemption for inheritance tax. Research conducted by stockbrokers Brewin Dolphin, there are an estimated 2.4 million homes across UK that are now valued above £263,000 inheritance tax threshold, before taking any other assets into account. And one in five people anticipating an inheritance have no idea that anything over and above threshold will be subject to 40% of tax. In summary, number of homes sold which were above inheritance tax threshold rose from 3% in 1994 to 14% in 2004 and Government has pocketed a staggering £3.3bn in inheritance tax since 1997! The 2005 Budget The inheritance tax issue was a main concern for Chancellor Gordon Brown after various professional bodies have stressed need for threshold to be increased. Having heard arguments Chancellor did just that. The current Nil Rate Band threshold is £263,000 and Chancellor has announced that this is to be increased to £275,000 for forthcoming tax year 2005/2006 and then further increased to £285,000 and £300,000 following two years. As a result of these increases Chancellor has argued that 94% of estates would not pay inheritance tax. So has Chancellor done enough?
| | Wrongful Death Lawyers OnlineWritten by Mart Gil Abareta
Wrongful death law refers to law that aims to protect victims who are harmed by action or inaction of another entity or person. A claim can be filed for injury acquired by an individual either physically or mentally. Wrongful death lawyers seek to win compensation for their clients. If you feel you are a victim and are uncertain what your legal options are, best thing to do is to speak with wrongful death lawyers who will guide you through process.Basically, there are three reasons why you must hire wrongful death lawyers. First, you will need professional help to win against an individual or a large corporation. Second, you must not have to worry about your violated personal injury rights. Lastly, you must concentrate on getting better and not have to spend your time at court house or with wrongful death lawyers. You must contact a wrongful death lawyer even if you only have a small concern. Whether big or small, you need to file your personal claim immediately and see what your legal rights are. With unmatched function of Internet as number 1 source of information for whatever purposes that it may be, even law firms have decided to advertise their firms and their services in web. So, when you know someone who has been involved in a wrongful death accident, you’ll definitely need a wrongful death lawyer to represent families of victims who have died wrongfully. Most states allow a relative or spouse of victim to file a wrongful death lawsuit against negligent party.
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