Inheritance Tax (IHT) is referred to as an ‘optional tax’ by some. However, the latest HMRC figures have revealed that £5.1bn of IHT was collected in the year ended 31 May 2017. National Statistics have revealed that the £5bn barrier was breached for the first time ever, up 9% from the £4.7bn for 2015/16.
Both April 2017 and May 2017 have resulted in tax receipts exceeding £0.5bn per month - an indication that it could be heading for £6bn a year sooner rather than later.
If you are concerned about Inheritance Tax (IHT) we can complete an IHT review for you, identifying any planning opportunities as well as advising you on the reliefs available.
For further information please contact James Chappell.