Inheritance Tax: Bills are increasing

Overall, 4.39% of UK deaths resulted in a charge to IHT in 2021-22, up 0.66% on the previous year. IHT swelled the UK’s coffers by just under £6bn in 2021-22, 4% more than in the previous year.

The new Government has been explicit: they need to bring in the cash.  With a 5% rise in relief given out in respect of agricultural and business property, at £4.4bn these statistics no doubt increase the likelihood that they will attract Rachel Reeves’ scrutiny.  The benefits gained by passing assets to spouses and civil partners could also be targeted; £15.5bn of assets were protected from an IHT charge in this way in 2021-22.

Now, more than ever, is the time to be planning effectively, to protect more of your estate for your family and future generations.

Our specialist business tax team is ready to help; If you would like to talk through your situation, please contact us by email or call us on 0207 822 1632.