HMRC has issued statistics for the 2018/19 tax year which confirms that they have received £5.4 billion in Inheritance Tax in this period.
The Inheritance Tax take by HMRC has been growing for the last 9 years and shows another increase of 3% over last year’s figures. This is because more individuals are falling into the tax trap and not maximising the benefits available during life.
This has been partly exacerbated by the freezing of the Nil Rate Band since April 2009 at £325,000.
We are always happy here at Lambert Chapman LLP to discuss with clients their potential risk of paying Inheritance Tax and can prepare calculations to show the level of risk to your Estate. We can also provide options to minimise your overall exposure.
If you are interested in discussing this matter with one of our specialists, please contact Lucy Orrow on 01376 326266 or via email on lucy.orrow@lambert-chapman.co.uk.
Posted by Lucy Orrow
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The views expressed in this article are the personal views of the Author and other professionals may express different views. They may not be the views of Lambert Chapman LLP. The material in the article cannot and should not be considered as exhaustive. Professional advice should be sought in connection with any of the issues contained in the article and the implementation of any actions.