12/10/07 - IHT Press Release

Deborah Dunleavy – Conservative Parliamentary Candidate Bolton North East

I am absolutely outraged at Gordon Brown and his Labour Government once again trying to pull the wool over the eyes of the British Public.

His stunt in portraying a raise in the Inheritance Tax (IHT) threshold to £600,000 for couples is an absolute con. A married couple can already have a £600,000 allowance by putting in place the correct type of will. Gordon Brown has given absolutely nothing new.

A Discretionary Will Trust already allows a married couple to leave £600,000 without paying inheritance tax. Currently there is no IHT between husband and wife, or civil partnership, what many people make the mistake of doing is leaving their estate to their husband and wife, which is fine on 1^st death, but a problem arises on the death of the second.

If a Discretionary Will Trust is in place it allows the first spouse to leave the nil rate band in a trust for the use of the living spouse then on second death both the nil rate bands are used, therefore allowing currently £600,000 and £700,000 in 2010 as Gordon has already previously announced a rise in the nil rate band to £350,000 in 2010.

Its only right and proper that each individual has an allowance to pass on to their family.

This is a simplified account of DWT and proper advice should always be sought, but I assure you Gordon Brown has given nothing not already available with the correct financial advice.

I sincerely think he is underestimating the British public if he thinks they will fall for this.