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Find out all about average inheritance tax liabilities (IHT) and key information on Wills, Trusts and Probate in the popular London borough of Islington.
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About your property and IHT
Islington is one the most densely populated part of Europe. More than 200,000 people live here. It also has some of the most expensive property in the country.
Like most of London, the bulk of properties for sale are flats. The average price for these in 2016/17 was £644,275.
Terraced houses sold for an average of £1,417,890 and semi-detached properties sold for an eye-watering £1,784,998.
House prices have risen by around 16% over the last two years.
What does this mean for you?
IHT is calculated at 40% over the Nil Rate Band. This currently stands at £325,000 per person.
So based on average property prices, your property’s IHT liability could be the following:
Apartment /flat = £127,710
Terrace = £437,156
Semi-detached = £583,999
What’s the best way to reduce your IHT liability?
With such high property prices in Islington, the amount of IHT you could be liable for is well above the national average.
If you are worried about the about IHT you should speak to a Wills & Probate expert. There are lots of ways to manage your IHT liability properly, so that you and your family do not end up paying more than you should.
You will need to book an appointment to discuss this face to face as everyone has different individual circumstances.
What other inheritance products should I consider?
If you are a private home owner it is essential that you have a Will that specifies what should be done with your property in the event of your death.
What if I don’t own my own property?
Even if you don’t own a property, you may still be liable for inheritance tax if you have assets in excess of £325,000.
Wills and Families
A Will does more than just specify who you leave your money to. It can specify Guardianship so the Courts are able to take your wishes into account when deciding on how to look after your children if they are orphaned.
You can also use Trusts within your Will to make sure that vulnerable family members are cared for. Trusts are also a great way of ensuring that your property gets passed on to your children in the event of your partner remarrying later on.