News & Views

Inheritance tax to be reviewed

Inheritance tax needs to be reviewed when the government assesses the tax system, a new report has claimed. The Office of Tax Simplification claims there are currently too many tax loopholes, including those associated with inheritance tax.

Many parents pass property and assets to their children via trust funds, meaning they are not subject to inheritance tax. As long as the parent lives for a further seven years after the transfer the tax does not apply. However, the OTS wants these rules examined.

Stamp duty rise pushes property sales

Homeowners at the top end of the market are rushing to buy houses before the stamp duty rise in April. Next month Stamp Duty on properties over £1 million will be charged at 5%. Now reports are suggesting would be buyers looking to purchase high end properties may before the hike hits. The changes will come into effect on April 6th and were introduced to differentiate between the prime market and the mainstream market.

London prices rise as rest of the country falls

The capital is one of the only places in the UK seeing house price rises, research has revealed. The survey by the Royal Institution of Chartered Surveyors found more surveyors are seeing price falls than rises across the UK except in London. The survey is well known for being a good indicator of the housing market and experts use its findings to make predictions and price forecasts. The Royal Institution of Chartered Surveyors says surveyors are continuing to report a lack of buyer confidence in the market.