Inheritance tax (IHT) receipts are expected to reach another record high for the 2018-19 tax year, putting pressure on chancellor Philip Hammond to reform the system.
A total of £227 billion has been gifted, at an average of £32,920, in a bid to save on inheritance tax, according to research.
Discretionary trusts offer flexibility in estate planning, but they don’t come particularly cheap. Could you set one up without professional help?
Freedom of information request reveals thousands are not taking advantage of residence nil rate band allowance
The Association of Accounting Technicians has called for several inheritance tax exemptions to be scrapped.
Nearly £5 billion of inheritance tax (IHT) was collected in 2016/17, more than double the £2.3 billion received by the taxman in 2009/10 when the current nil rate band of £325,000 was introduced.
Chancellor Philip Hammond has written to the Office of Tax Simplification (OTS) to order a review of inheritance tax (IHT).
Many grandparents are keen to pass on their wealth down the generations, and particularly to grandchildren, but there are challenges that a good wealth manager could help you address.
The latest receipts from HMRC published on the eve of the Budget show the taxman is on course to take a record £5.5 billion from people’s estates this tax year, according to NFU Mutual.