It has been revealed by the HM Revenue and Customs that the amount of inheritance tax collected by the government has increased by 8.8.per cent for the last tax year.
Inheritance tax revenue has trebled since the Labour government took office in 1997. Inheritance tax becomes payable once the threshold of £300,000 has been reached.
Our view
We are not surprised by these increases and in fact, we expect more families to be affected as people become wealthier. People are reluctant to give any assets away, as they are unsure if they will need them in the future.