IHT receipts hit a new record high of £5.3billion in 2017/18; a 13% increase on the £4.7billion collected in 2016/17.
David Nash, Partner said “The continual increase in inheritance tax receipts is down to numerous factors, including the nil rate band being frozen since 2009, increasing residential property prices, and growth in asset values generally. Once thought of as a tax that only the wealthy pay, inheritance tax is now something that affects a large and ever increasing number of families in the UK. Good planning can make a significant difference to the tax outcome.”