HMRC has published data showing Inheritance Tax (IHT) receipts reached £3.6bn between April 2021 and October 2021 – £600m higher than in the same period in 2020.
The higher receipts recorded can be partly attributed to the higher volume of wealth transfers that took place during the pandemic. Furthermore, the soaring housing market has seen a larger proportion of estates being subject to IHT.
Despite the Autumn Budget being light on personal tax announcements, with no major changes to IHT, the incoming increase in national insurance contributions and income tax on dividends shows the Treasury is willing to raise personal taxes in the short-to-medium term.
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We work closely with clients to formulate an IHT planning strategy and provide innovative bespoke solutions to fit with client’s circumstances and to protect family wealth.
To find out more about IHT and estate planning, contact our Private Client Services’ team on 01788 539000 or 0116 261 0061 or email [email protected].