For some time the amount of revenue generated by Inheritance Tax has been significant. Recent figures show that, for the first time ever, HMRC received more than £4billion in Inheritance Tax between April 2015 and February 2016.

There is a significant increase in the amount of revenue this year, in comparison with the £3.8billion received last year. However a key contributing factor to the increase could be that the number of reported deaths between December 2014 and March 2015 was a considerably higher figure than previous years.

Inheritance Tax is currently under scrutiny following George Osborne’s reforms to introduce a new allowance of £1million for married couples, inclusive of a home. Widespread criticism has surfaced from key political figures, with the Institute of Fiscal Studies predicting that the number of estates liable for Inheritance Tax will decrease by 40%.

The full Inheritance Tax reforms will come into effect next April 2017.

For advice on Inheritance Tax planning, please contact us.

This entry was posted on Monday, 18th April 2016 at 11:19 am and is filed under Estate Planning, Financial Planning, Inheritance Tax, News, Tax. You can follow any responses to this entry through the RSS 2.0 feed.

Tags: Financial, HMRC, inheritance, Tax