IHT

What could later-life love mean for your money?

Finding love in later life is becoming increasingly common in the UK, with the number of over-65s tying the knot up by nearly 50% over the last decade. But while it can bring happiness and security, a new partner at this stage can also bring its fair share of financial planning headaches.

Inheritance tax gap up by 50% over five years

New statistics published by HMRC today show that the inheritance tax (IHT) gap has grown to £600 million in 2016/17, rising 50 per cent from £400 million five years ago in 2012/13. This gap is likely to be a reflection of the growth in the amount of IHT owed.

The tax gap (for IHT but also other taxes) measures the difference between the amount of tax the Treasury thinks it should be getting and what was actually paid.