An Office for National Statistics forecast suggests Inheritance Tax (IHT) revenue will reach £4.6bn in the current year. This is up 92% on 2009/10 and it’s the highest annual collection it’s ever been. Many taxpayers resent IHT above all other taxes as it is considered a tax on inflation, especially on housing in certain parts of the country, and as an additional tax on retained income that has already been taxed during one’s lifetime. However, IHT can be mitigated by forward planning.
At Beavis Morgan, our tax experts can guide you and advise you on the available strategies. If you would like to know more, please contact Barrie Dunning or your usual Beavis Morgan partner.