Leeds-based property experts 321 Move are warning of the potential rise in inheritance tax faced by those left a property from someone who has died.
Soaring inheritance tax is a result of the past year’s house price boom as many looked to capitalise on the stamp duty holiday and prioritise more space in light of recent lockdowns.
In 2021, house prices saw a marked increase of 8.9% as demand spiked in wake of the pandemic. The current housing climate, combined with Covid restrictions and a £1bn shake-up of the courts and tribunals process has meant that the process of selling an inherited property can now take up to 9 months; a sharp contrast to the average time of just 2 weeks pre-pandemic.
A spokesperson for 321 Move said, “As house prices rise, the amount of inheritance tax people may be liable for also rises. When you add this to the pressure of grief and a delayed house sale process, it can be a very distressing time for many. It has left family and friends of the deceased unable to settle bills, share bequests and ultimately, sell the property.”
“Unfortunately, we have seen many instances of penalties being incurred as a result of a slow sale process which is incredibly unfair on the bereaved.”
321 Move are a property buying company with offices in Leeds and London. For more information, visit 321move.co.uk.