TWO speakers from Skipton Financial Services gave a presentation on inheritance tax and the options available to deal with the tax. A record attendance of members showed that this matter was of great interest to them.

The rapid rise in property values has brought many people into this tax band. The base line of £263,000 can now be reached or passed by the value of a house. The value of all assets above this base are taxed at 40 per cent and the tax must be payed within six months.

The value of an estate would be a house plus any investments and items such as cars, pictures and rare collections.

With a power point presentation Linda Ellis and Ian Howe demonstrated the minefield of tax law and the need for professional advice. The treasury has over this last seven years done everything possible to reduce the options available to avoid paying inheritance tax and will continue to do so. An estate of £300,000 where the house was the largest asset would pay £14,800 in tax. An estate of £500,000 in the same situation would pay £94,800 in tax. J.K.