HMRC celebrated record Inheritance Tax receipts of £5.4 billion in the 2018/19 tax year, a 3.1% increase on last year. The upward trend is set to continue!
Planning is essential to ensure that your money goes to your chosen beneficiaries with the minimum tax burden. There are many exemptions that can help mitigate IHT however most families don’t take advantage.
Research shows that just 41% are aware of the residence nil rate band and only 43% are clued up on the £325,000 nil rate band. We then wonder why IHT bills are so high! Speak to your independent financial adviser about where you would like your estate to go and how to prevent your family paying huge amounts of unnecessary tax.