IHT figures reinforce need for tax planning

Gerry Brown, technical manager at Scottish Life International, said: “Although the starting point for inheritance tax has been raised to £300,000 for the current year, it continues to be a significant source of income for the Treasury. “In addition to the tax actually collected in 2006-07, Government estimates indicate that an additional £2.2bn qualified for spouse/civil partner exemption. This means that £5.5bn of assets will fall into the estates of the surviving spouse/civil partner. Unless some tax planning is undertaken, this will yield further income for the Treasury.”