Published: 21/06/2023 By Dean ClarkFollowing last weeks blog titled Inheritance Tax soaring – statistics have been issued revealing that HM Treasury has collected £1.2bn in Inheritance Tax (IHT) in the first 8 weeks of this new tax year (2023/24) already! This represents a 13% increase on the Inheritance Tax collected in the equivalent period, in the last financial year’s record breaking 12 months.
According to HM Revenue & Customs (HMRC) figures for 2023/24, IHT records are on track to be broken again, with the Office for Budget Responsibility, forecasting the tax will raise £7.2bn for the government by next March (2024).
This latest update from HMRC should serve as a timely reminder to people to assess the value of their estates. In view of the rising IHT receipts, here at turpin barker armstrong, we would actively encourage our clients to take a closer look at tax planning in regard to Inheritance tax. Please contact us should you wish to discuss matters in greater detail, call 020 8661 7878 or email firstname.lastname@example.org