Recent data from HMRC indicates that inheritance tax (IHT) receipts have hit £7 billion from April 2024 to January 2025, surpassing last year's figures. Predictions show nearly 10% of estates may become liable for IHT by 2030, largely due to static tax thresholds since 2009 and high property values. Experts highlight that while tax planning is becoming more complicated with decreased reliefs, strategies like lifetime gifting are still effective tools for managing tax liabilities, especially for families supporting educational costs.
HMRC's inheritance tax receipts reached £7 billion, suggestive of continued long-term growth, particularly with rising property values driving more estates into tax liability.
Nicholas Hyett stated that IHT serves as a consistent revenue source for HMRC, highlighting complexities in effective estate planning due to shrinking reliefs.
The OBR forecasts that by 2030, nearly 10% of estates will face IHT, compounded by stagnant tax thresholds and rising property prices.
Strategies like lifetime gifting remain vital for effective tax planning amidst increasingly complex inheritance tax rules and limited reliefs.
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