Treasury Bags Record £2.6bn Inheritance Tax in 13 Weeks
Published / Last Updated on 22/08/2023
HMRC has released figures showing that record inheritance tax receipts were collected in 13 weeks with June 23 having records receipts and July 23 also up by 6% compared to last year.
This represents a 10% overall increase in receipts for April to July 2023 compared to the same period in 2022. We suggest this time next year, we could be hitting £8bn to £10bn per year in IHT payments.
Why is the UK IHT bill going up?
The inheritance tax allowance of £325,000 was increased from £312,000 on 6 April 2009. This means the IHT nil rate band has been frozen for over 14 years now and will keep allowances frozen until at least 5 April 2028. That’s a staggering 19 years of higher taxes on death. Disgusting. You work hard, you save hard to buy a property and pay your mortgage, you finally get there, and they tax you on death.
It is time to fight back:
Inheritance tax is legally the only tax that you can mitigate i.e., plan to reduce and even get it down to nil.
- Articles Channel: We have a whole channel of articles and ideas to plan for and save Inheritance Tax. See: Channel Inheritance
- Video Channel: We also have a dedicated Inheritance Tax Video Channel with 90 videos to help you. See Latest Video: Probate Value Change
To discuss actions that you can take with inheritance tax planning including helping you to understand how to save/reduce IHT contact us: