HMRC announced receipts from inheritance tax (IHT) totalled a record high of £6.1 billion during the 2021/22 tax year. This was a 14% year-on-year rise – the biggest annual increase since 2014-15.
The first half of 2022/23 is already on track to run well ahead of this. But why? Soaring property price’s and frozen tax thresholds have been the main culprits.
IHT is often referred to as a ‘voluntary’ tax ….. whilst we think that’s a bit far reaching, it is a reminder that there are strategies that can be implemented to mitigate it; from direct gifts, the use of trusts, insuring the liability, using pension wrappers and ensuring you have a Will in place. Bespoking and blending the strategies to suit your circumstances and objectives is key.
Calculate your potential IHT expose here: https://lnkd.in/eUr86BgQ
If you would like to discuss your personal tax position in more detail, please do not hesitate to contact Andrew Milligan (Andrew.Milligan@mazars.co.uk) or Lucy Dyer (Lucy.Dyer@mazars.co.uk).