The amount the Treasury collects in inheritance tax (IHT) has soared in recent years, with 2015/16 receipts up 20% on the previous year. Here are ten ways to reduce the burden...
Increases in property values, stockmarkets and cash savings balances, together with the freezing of the IHT allowance since April 2009, have combined to push IHT receipts higher. Recent figures published by HM Revenue & Customs showed IHT receipts have grown 60% over the last five years - from £2.9bn in 2011/12 to £4.7bn in 2015/16 - and have been increasing year on year since April 2009, the year in which the IHT allowance was frozen. But there are still ways to reduce the tax bill by focusing on the key areas of estate gifting, investment, and insurance, says Hargreaves Lansdown. ...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes