Don’t Let Anyone Prey on Your Estate
Specialist trust and tax planning ensure you make use of all the tax ‘breaks’ available to you by mitigating any ongoing tax liabilities you may incur. Following your death, the sensible planning that you have done will ensure that any potential Inheritance Tax liabilities your dependents may have are kept to an absolute minimum, if not eradicated entirely!
The graph and statistics below show just how much our assets are worth to HMRC over recent years in Inheritance Tax alone!
According to HRMC’s Latest Statistics:
Inheritance Tax (IHT)
Inheritance Tax receipts for April 2024 are £0.7 billion, which is £85 million higher than the same period last year.
Figure 11, Monthly receipts
Figure 11 seen in the graph contains the monthly receipts patterns in each financial year since 2021 to 2022 and shows:
Higher receipts from March 2022 are expected to be due to a combination of higher volumes of wealth transfers following recent IHT-liable deaths, recent rises in asset values, and the government’s March 2021 and Autumn 2022 decisions to maintain the IHT tax-free thresholds at their 2020 to 2021 levels up to and including 2027 to 2028. More information on these decisions is available in the policy papers accompanying the Budget 2021 Finance Bill and the Autumn Finance Bill 2022.
The higher receipts in June 2022, November 2022, June 2023, and October 2023 can be attributed to a small number of higher-value payments than usual.
