HMRC has reported that the amount of money paid in inheritance tax rose by 15 per cent in 2013, with just under 18,000 families paying £3.05 billion, representing the largest sum recovered since 2008.
The current plans are to increase the nil rate band threshold from £325,000 to £500,000 per person which will reduce IHT paid. However, the changes are scheduled to take effect in 2017 and, with ever increasing house prices, it's likely that the government can still expect to benefit from increasing payments of IHT.
Andrew Guile, Solicitor/Director
Posted on Thursday, 15th October 2015