IHT take up again as firms chew over potential Labour reforms

IHT receipts hit £2.1bn for April 2024 to June 2024, representing an £83m increase on the same period the prior year, as per HMRC official figures. It remains to be seen how Labour Prime Minister Keir Starmer and Chancellor Rachel Reeves will look to address the tax, but speculation remains rampant. Financial advice professionals will be awaiting the new government's plans for IHT, which some have labelled a "stealth tax", with bated breath. The government has an "urgent task at hand" to simplify the IHT system, Abrdn head of savings policy Alastair Black said this morning (19 July). ...