Rise in Inheritance Tax Receipts

13 December 2012

HM Revenue & Customs (HMRC) netted £2.91bn from inheritance tax (IHT) in 2011/12, latest figures suggest, compared with £2.72bn in 2010/11.

More individuals are caught in the IHT net, up from 17,000 last year to around 20,000 this year.

IHT is currently payable where a person’s wealth is in excess of £325,000. This threshold, commonly known as the IHT nil-rate band, has been frozen until 2014/15. However, in his recent Autumn Statement, the Chancellor George Osborne announced that the nil-rate band will rise by 1% in 2015/16 to £329,000.

Assets in excess of the nil-rate band amount are taxed at 40%, although a reduced IHT rate of 36% applies from April 2012 to death estates, where 10% or more of the net estate is left to charity.

With careful planning, it may be possible to reduce your liability to IHT. Please contact us if you want further advice.

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