Value of inheritance tax receipts has reached a record level
A recent government report has shown that the value of inheritance tax receipts collected by HMRC has reached its highest point since the current system was introduced in the 1980s.
The record high may be partly attributed to rising values in the property market, meaning that revenue could continue to soar even though an additional inheritance tax allowance (the residence nil rate band) came into play this April.
A higher number of deaths at the end of the tax year 2014-15 could also be a contributing factor to the increase in receipts, the government report explains.
The report, along with the complexity of the new residence nil rate band, acts as a reminder of how important it is to make sure your assets are dealt with efficiently after you die.
Simon Cook, lead partner in our wills, probate and trusts team, says “As property prices increase and people’s affairs become more complicated it is vitally important to take advice about the future.
“A new relief for inheritance tax was introduced in April this year but it is not straightforward. It is best to speak to somebody to ensure that your estate will be passed on in the way that you want it to and in the most efficient manner.”
Simon leads our wills, trusts and probate team. He deals with all aspects of private client work such as trusts (including personal injury trusts), wills, powers of attorney, Court of Protection and estate planning and administration. Simon is also a member of the Society of Trust & Estate Practitioners and the Law Society Private Client Section.We're here to help