Positive market conditions coupled with the frozen nil-rate band have helped to significantly increase government inheritance tax (IHT) receipts this year but clients are still largely unaware of ways to limit liabilities, according to advisers.
Figures from HM Revenue & Customs (HMRC) showed IHT income surged by more than 20% in the first four months of the tax year with almost £2bn being taken from people's estates between April and July. Analysis from NFU Mutual found the total had gone up faster this tax year than in any other since 2010. The provider said it signalled a more aggressive approach from HMRC. NFU Mutual Chartered financial planner Sean McCann said the figures highlighted closer scrutiny from the taxman of people's estates. He said: "When IHT receipts rise, it's usually because of a buoyant housing market....
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