HMRC inheritance tax receipts have risen nearly £1 billion from the year before taking this to a record £6.4 billion in the financial year 2022 to 2023.

The previous year’s inheritance tax receipts prove that IHT planning is crucial for the keepsake of your family and to protect your estate.  In 2019 to 2020 HMRC IHT receipts were £5.1 billion, 2020 to 2021 were £5.3 billion and 2021 to 2022 were £6.1 billion.  The Treasury’s forecast is estimated to soar by £3 billion over the original forecast between 2022/23 to 2027/28.

The reason for the continued IHT rise is the nil-rate band threshold of £325,000 per person has not changed since April 2009 and remains frozen till at least April 2028.  Generally, a family’s property is the biggest asset a family will own and with inflation rates growing the market value of your family home could rise above the £325,000 threshold leaving you subject to IHT.

If inheritance tax could be a problem for you and your family then please contact Tax Advisory UK to speak with a Chartered Tax Advisor who can advise on what strategy to use to ensure the 40% IHT is saved.

For more information on Inheritance Tax please click here and please contact Tax Advisory UK to discuss your IHT planning immediately.