Inheritance Tax continues to grow
HMRC have released their monthly analysis which shows an annual increase in inheritance tax of 3.15%, bringing the total receipts to £5.369bn in the 2018/19 tax year.
The inheritance tax take for HMRC, therefore, continues its ever upward trend both in absolute amounts and as a percentage of GDP.
March 2019 saw a huge 40.6% increase on March 2018, no doubt driven in part by the increase in submissions before the proposed probate fee increase.
Too many families are finding out that they are part of this growing tax net once it is too late to put effective planning measures in place. Planning does not have to be complex, but professional advice is often helpful in navigating the ever complex tax landscape.
Effective use of the standard nil rate band, the residential nil rate band, through lifetime giving, through trust creation and reliefs such as gifts out of income are all part of a sound financial strategy designed to maximise the net wealth passing to loved ones, rather than HMRC.
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