Rising IHT receipts 'show little sign of slowing down'

Up to £5.4bn

Sophie King
clock • 1 min read

Inheritance tax (IHT) receipts were generally higher in the 2018/19 tax year and saw a 44.4% increase in March from the previous month, according to the latest data from HM Revenue & Customs (HMRC).

Overall, IHT receipts ended 2018/19 3.1% up on the previous tax year, increasing by around £160m to £5.4bn. The taxman's data also highlighted that IHT receipts were at their highest level both in terms of annual revenue and as a proportion of GDP. John Humphreys: Timing the timeframes to plan for IHT certainty Canada Life wealth management and tax specialist Neil Jones argued a lot of the payments were preventable, explaining: "Death and taxes may be the only two certainties in life but, with careful planning around the former, some of the latter is unnecessary. "Starting any p...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Tax planning

PA360: AIM investments should be 'more than an IHT planning option'

PA360: AIM investments should be 'more than an IHT planning option'

How AIM is becoming more mainstream in financial planning

Jenna Brown
clock 26 April 2024 • 2 min read
Inheritance tax receipts hit a record of £7.5bn as 2023/24 year ends

Inheritance tax receipts hit a record of £7.5bn as 2023/24 year ends

‘IHT is the tax gift that keeps on giving as record receipts have been banked’

Hope Coumbe
clock 23 April 2024 • 2 min read
Don't let these five tax changes slip through the advice net

Don't let these five tax changes slip through the advice net

Changes to tax policy advisers need to be aware of

David Downie
clock 18 April 2024 • 3 min read