The inheritance tax nil rate band (IHT) has been £325,000 since 2009 and will continue to be in place and will not be reviewed again until 2026.
It is arguable that the IHT band not increasing has not taken into account inflation.
HMRC released data to show that IHT receipts in 2009/2010 were £2.38bn and this has now risen substantially to £6.1bn in 2021/2022. The Office for Budget Responsibility believe that this could increase further to £8.3bn by 2026.
Whilst I do not believe that the IHT threshold should stay at £325,000, I do not have a magic crystal ball and cannot change this.
But! What I can do is speak to you about your assets and potentially mitigate paying more tax than you need to by making sure that your Will is properly drafted. You are likely to end up paying more tax if you do not take legal advice.
I am here and happy to discuss this with you.
0207 183 4595
The information provided in this article is not intended to constitute professional advice and you should take full and comprehensive legal, accountancy or financial advice as appropriate on your individual circumstances by a fully qualified Solicitor, Accountant or Financial Advisor/Mortgage Broker before you embark on any course of action.