Soaring cost of tax relief highlights why chancellor tightened rules

Non-structural tax relief statistics from HM Revenue & Customs (HMRC), released today (5 December), highlighted the increasing cost of tax reliefs such as Agricultural Property Relief and pointed to why chancellor Rachel Reeves made changes in her October Budget, according to Quilter. Quilter tax and financial planning expert Rachael Griffin explained that beneath the overall increase areas such as inheritance tax (IHT), capital gains tax (CGT), and ISAs saw sharp increases in costs. "Notably, the cost of Agricultural Property Relief (APR) surged by £335m (105%), with other IHT relief...