Julia Peake explains why estate planning advice is about to become more important than ever...
HMRC has recently released its updated inheritance tax (IHT) liabilities statistics, showing the liabilities, not necessarily the tax received by the Treasury. This latest release shows in 2023 to 2024, £7.03bn was paid in IHT, a rise of 4.72% compared to the previous year of £6.7bn and the average bill for taxpaying estates also increased by 9%, from £212,000 to £231,000. A combination of frozen nil rate bands, increase in asset values and transferring wealth down the generations has resulted in this increase and these values look set to increase. These latest figures go up to 20...
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