How UK expat clients can tackle rising IHT bills
Fines on families who broke inheritance tax rules jumped by a third to £2.28m last year
IHT
-
-
IHT penalties increase by 34% in a year
HMRC ‘don’t hold back where they suspect inheritance tax has been underpaid’
-
UK taxman collects £2.6bn from IHT receipts in 3 months
Bereaved families are ‘increasingly filling government coffers’ due to frozen thresholds.
-
Nearly 50% of Brits haven’t spoken to advisers about inheritance tax
With 60% not knowing how much money they could leave their loved ones before IHT is incurred
-
28% of HNW Brits have no measures in place to address IHT
Many more people will be impacted by inheritance tax in the future
-
‘Home loan’ IHT avoidance scheme escapes double tax charge
But scheme did fail to save any inheritance tax
-
17% rise in number of families paying IHT
Average inheritance tax bill fell 1% to £214,000 in 2020/21 financial year
-
Inheritance tax receipts reached £2bn between April and June
A £200m increase from last year
-
Over 5,000 families reclaimed overpaid inheritance tax last year
With 1,000 families already reclaiming in 2023/24
-
Just under half of HNW Brits not taken advice on IHT planning
As majority of UK adults planning to pass on wealth in their lifetime have not considered how and when to do this
-
HMRC wins IHT case over location of domicile of choice
Anyone arguing that they are not UK-domiciled should create and maintain evidence, warns tax expert
-
HMRC rakes in £1.2bn from IHT receipts in two months
13% more than in the same period last year