Don't let your home insurance leave you out of pocket
Wed, 25 Jan 2006
Make sure that home insurance doesn't end up costing more than originally planned.
Research from the council of mortgage lenders (CML) has discovered that homeowners may already be £10 billion worse off because of changes in fiscal policy.
In 1994, the level of tax relief on mortgage interest and income support paid to home-owners helped cover payments of stamp duty and inheritance tax (IHT) – in fact leading to a total gain of £2.6 billion. However, the removal of tax relief on mortgage interest and the increase in stamp duty and IHT means many homeowners are now losing out.
Therefore, people are being encouraged to make sure their reducing their spending in other areas such as home insurance and ensure they get a good deal rather than paying over the odds for cover.
The CML's head of research Bob Pannell said: "The failure to index thresholds for both inheritance tax and stamp duty means that the tax burden on home-owners has grown significantly in recent years."
He added: "One of the iniquities of inheritance tax is that the Government is taxing growing numbers of home-owners at 40 per cent when they die even when they have never been higher-rate tax-payers during their lifetime." 
© Adfero Ltd
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