IHT receipts rise to £3.1bn highlighting estate planning need

Up £0.7bn on last year

Julia Bahr
clock • 2 min read

Inheritance tax (IHT) receipts for April to September this year were £3.1bn, £0.7bn higher than the same period 12 months earlier, highlighting the need for effective estate planning, according to experts

Official figures from HM Revenue & Customs (HMRC) published today (21 October) revealed the increase. Heather Owen, financial planning expert at Quilter said IHT reform remains unlikely. "With the Budget fast approaching, the rumour mill has begun and questions surrounding inheritance changes are beginning to form, with some suggesting, or perhaps hoping, it could be scrapped altogether," Owen said. "While IHT raises relatively little in comparison to the Chancellor's growing list of spending projects, a change of this magnitude is highly unlikely as the Treasury needs every penny it ...

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

Join

 

Already a Professional Adviser member?

Login

More on Tax planning

The right advice for divorcing family business owner clients

The right advice for divorcing family business owner clients

Making it work with proper planning and professional advice

Joanna Toloczko
clock 21 March 2024 • 5 min read
IHT receipts continue to rise as government nets £6.8bn

IHT receipts continue to rise as government nets £6.8bn

Latest figures from HMRC show tax take continues to soar

Jenna Brown
clock 21 March 2024 • 1 min read
Child benefit changes could see higher earners reap pension boost

Child benefit changes could see higher earners reap pension boost

Analysis from Quilter says gains to be made from Spring Budget changes

Jenna Brown
clock 11 March 2024 • 2 min read