The Budget 2005 & Inheritance Tax: Has the Chancellor Done Enough?

Written by Janine Byrne


'The Government's economic objective is to build a strong economy and a fair society, where there is opportunity and security for all."

So readsrepparttar opening statement ofrepparttar 119142 Labour Government's 2005 Budget. Butrepparttar 119143 word 'fair' is wide offrepparttar 119144 mark when consideringrepparttar 119145 incidence of inheritance tax on an increasing number of homeowners overrepparttar 119146 past few years.

The Inheritance Tax Problem

Overrepparttar 119147 past few years inheritance tax ceased to berepparttar 119148 'rich person's tax' orrepparttar 119149 'voluntary' tax which it used to be. The cause ofrepparttar 119150 problem has beenrepparttar 119151 ever increasing scale of house prices resulting in property values which far exceedrepparttar 119152 Nil Rate Band exemption for inheritance tax.

Research conducted by stockbrokers Brewin Dolphin, there are an estimated 2.4 million homes acrossrepparttar 119153 UK that are now valued aboverepparttar 119154 £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 aboverepparttar 119155 threshold will be subject to 40% of tax.

In summary,repparttar 119156 number of homes sold which were aboverepparttar 119157 inheritance tax threshold rose from 3% in 1994 to 14% in 2004 andrepparttar 119158 Government has pocketed a staggering £3.3bn in inheritance tax since 1997!

The 2005 Budget

The inheritance tax issue was a main concern forrepparttar 119159 Chancellor Gordon Brown after various professional bodies have stressedrepparttar 119160 need forrepparttar 119161 threshold to be increased. Having heardrepparttar 119162 argumentsrepparttar 119163 Chancellor did just that.

The current Nil Rate Band threshold is £263,000 andrepparttar 119164 Chancellor has announced that this is to be increased to £275,000 forrepparttar 119165 forthcoming tax year 2005/2006 and then further increased to £285,000 and £300,000repparttar 119166 following two years. As a result of these increasesrepparttar 119167 Chancellor has argued that 94% of estates would not pay inheritance tax. So hasrepparttar 119168 Chancellor done enough?

Wrongful Death Lawyers Online

Written by Mart Gil Abareta

Wrongful death law refers torepparttar law that aims to protect victims who are harmed byrepparttar 119141 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,repparttar 119142 best thing to do is to speak with wrongful death lawyers who will guide you throughrepparttar 119143 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 atrepparttar 119144 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.

Withrepparttar 119145 unmatched function ofrepparttar 119146 Internet asrepparttar 119147 number 1 source of information for whatever purposes that it may be, even law firms have decided to advertise their firms and their services inrepparttar 119148 web. So, when you know someone who has been involved in a wrongful death accident, you’ll definitely need a wrongful death lawyer to representrepparttar 119149 families of victims who have died wrongfully. Most states allow a relative orrepparttar 119150 spouse ofrepparttar 119151 victim to file a wrongful death lawsuit againstrepparttar 119152 negligent party.

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