HM Revenue & Customs has collected £3.5bn in inheritance tax in the year ended 31 March 2007, an increase of 8.8% on the previous year.
“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.”
The increase in minimum AE contributions has had little impact on opt-out rates - with cessations after April increasing by less than two percentage points, data from The Pensions Regulator (TPR) shows.
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