IHT Receipts up to a Whopping £5billion!
IHT Receipts up
HM Revenue & Customs are rubbing their hands at the news that tax receipts for inheritance tax in the year to 31 May 2017 increased by 9% on the previous year’s tax take. The receipts jumped from £4.7 billion in 2016 to a massive 3%.1 billion.
People who have seen their estates increase on the back of property price growth are now being clobbered by the taxman. The situation is made worse by the fact that the IHT nil rate band has been frozen at £325,000.
There is another reason why taxpayers are forking out so much and that is not including inheritance tax planning as a part of their overall financial strategies. Paul Howkins, managing director at Keens Shay Keens Ltd, said “IHT has evolved from a tax on the rich to being a tax on the man on the proverbial omnibus; I expect that the upward trend in revenue receipts will continue.
There are many legitimate ways in which IHT can be mitigated, effective planning does tend to be bespoke because each individual’s circumstances are unique. It is generally agreed that if you want to help preserve your wealth for future generations, the earlier you start planning the more effective that planning will be.
At Keens Shay Keens Ltd we offer real life solutions to all your business and personal family needs. We believe that our expertise can help you and your family along every step of life’s journey. It is no coincidence that we continue to offer services to second and third generation business families.
Rather than trusting the ‘man at the club’ with your inheritance tax planning and your family’s future, why not invest your trust in the future with the professionals.
If you would like to review your inheritance tax position please contact Paul Howkins or Paul Southward.