Record UK Inheritance Tax

In June 27, 2017
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Families in the UK are paying record levels of Inheritance Tax.

The final data before new allowances were introduced in April shows that IHT has topped £5bn a year for the first time.

The number has largely increased due to increasing house prices and stamp duty thresholds discouraging elderly people from downsizing and is now affecting more middle-class families than ever before.

Despite house prices rocketing over the past ten years the Inheritance Tax threshold has remained the same since 2010, meaning more estates each year are hit by the tax.

In the year ending in May 2017, £5.1bn was collected by HMRC through Inheritance Tax receipts, a rise of 9 per cent on the previous year when £4.7bn was collected over the same period.

The statistics are clear, Inheritance Tax is no longer a tax levied on the top 1% of households. It is affecting normal families, especially here on the south coast where property prices alone can cause an average family to fall into Inheritance Tax. However Inheritance Tax has and still remains a voluntary tax that individuals choose to pay, because they have not put the right planning in place prior to their deaths in order to legitimately mitigate and reduce this liability as much as possible.

If you would like to learn how to reduce your Inheritance Tax Liability, come along to one of our FREE Wills, Trusts and Estate Planning Seminars. For more information please visit:

http://www.redwoodfinancial.co.uk/events/

Jasmine has been a qualified Financial Planner since 2008. She has also been a member of the Society of Will Writers since 2012. She is passionate about helping Clients build their wealth and achieve the financial lifestyle they desire. Her areas of expertise are that of Savings, Investments, Pensions and Retirement Planning.

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