Thursday, 24 June 2010

UK Budget Stealth Tax

The four-year freeze on Inheritance Tax allowance confirmed in the United Kingdom's June Budget represents a major tax increase in real terms on thousands of families in Northern Ireland.

Describing the move as a ‘stealth tax’, NI independent financial advisor Stephen Hill said that the move would seriously impact on the money passed from family members.

He believes that the freeze on the nil rate band, first mooted in the emergency March budget, has slipped under the radar and that local people here do not fully appreciate the potential impact. “This freeze is tantamount to a huge increase in inheritance tax,” said Mr Hill, of S Hill & Co Investment Advisors.

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