Friday April 28, 2023
Ever find yourself asking questions about Inheritance tax and how it could relate to you, but not sure where to find the answers?
Don’t worry! Our solicitors keep on top of all new and current changes to be ahead of the curve.
According to Today’s Wills & Probate, Record inheritance tax (IHT) receipts across the previous financial year have led to suggestions that the measure has now become a “mainstream tax on ordinary people”.
Here’s the excerpt from that survey:
The total take for 2022-2023 reached £7.1 billion, according to new data from HMRC. This surpasses the previous record of £6.1 billion set last year by £1 billion as the tax continues to provide a lucrative source of revenue for the Treasury.
This comes as estimates at the Spring Budget suggested that over the next five years Inheritance Tax would bring in £38 billion pounds – meaning annual receipts would be set to exceed £8 billion by 2027-28 and 6.7% of deaths would trigger an IHT charge.
You can read more HERE