IHT receipts continue their ascent
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IHT receipts continue their ascent
HM Revenue and Customs (HMRC) data shows IHT receipts topped £6.3bn in the eight months to December 2024, a £600m increase on the same period the previous year.
This significant 11% year-on-year increase places the 2024/25 fiscal year firmly on course to be the fourth consecutive year of record IHT receipts for the Treasury.
Meanwhile, the Office for Budget Responsibility (OBR) has predicted that IHT receipts will continue their ascent, forecasting total receipts of £9.7bn a year by 2028/29.
HMRC said that higher receipts can be attributed to a combination of factors, including a rise in asset values, an increase in wealth transfers following IHT-liable deaths and frozen IHT tax thresholds.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. The Financial Conduct Authority (FCA) does not regulate Will writing, tax and trust advice and certain forms of estate planning.
It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency.
Information is based on our understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change.
Tax treatment is based on individual circumstances and may be subject to change in the future.
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