The Office for National Statistics’ August receipts reveal that £603 million was raised in July alone. Receipts for the previous quarter, April to July, stood at £2.6 billion, up £200 million on the same period last year.  Have a look at this link which includes useful commentary on executors potentially taking action with respect to high interest charges.

https://www.gov.uk/government/statistics/hmrc-tax-and-nics-receipts-for-the-uk/hmrc-tax-receipts-and-national-insurance-contributions-for-the-uk-new-monthly-bulletin#inheritance-tax-iht

Inheritance tax raised a record £7.1 billion in 2022-23 from 27,000 estates, according to HMRC – up 17% on the previous year. The Office for Budget Responsibility’s July commentary on public sector finances also predicts that the tax will raise £7.2 billion this financial year, potentially reaching £8.4 billion by 2027/28.

Inheritance tax continues to draw in cash for the government as property prices and the exemption threshold freeze pulls more estates into the net.  Good news for the Exchequer but a warning for the public –   Assess the entire value of your estate, including an up-to-date valuation of property and other assets.

An excellent start would be to read ‘The Absolute Essence of Inheritance Tax Planning’ (A regular No 1 Amazon Bestseller) where you will find all the tools to get an edge in this game of very expensive stakes!!!

Find it here:

https://stephenparnhamtaxation.com/steves-tax-books/

 

Stephen Parnham