IHT is becoming more mainstream and happens to ordinary people – do not get caught out.
HMRC has revealed that the total amount paid by way of inheritance tax (IHT) for 2022/2023 reached £7.1bn.
HMRC has also revealed the number of individuals paying IHT has increased by 24% compared with the previous tax year.
This has continued to rise throughout the years and will no doubt increase further now that the £325,000 IHT threshold has been frozen until 2026 and has not increased.
Andrew Tully, technical director at Canada Life, has said:
“IHT is no longer a tax only on the wealthiest estates. As these figures show, IHT has now become a mainstream tax on ordinary people, largely due to house price increases”.
This is so very true.
It is so easy to get caught as it is very easy to do so. Many “normal” estates are becoming subject to IHT.
There are ways in which IHT can be mitigated. A quick phone call with Penn Chambers will help you understand more.
0207 183 4595
The information provided in this article is not intended to constitute professional advice and you should take full and comprehensive legal, accountancy or financial advice as appropriate on your individual circumstances by a fully qualified Solicitor, Accountant or Financial Advisor/Mortgage Broker before you embark on any course of action.
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