4 January, 2024

Inheritance Tax emerges as key election issue amidst rising receipts

Inheritance tax (IHT) in the UK is becoming a prominent issue, with receipts between April and November 2023 totalling £5.2 billion, a £0.4 billion increase from the previous year, according to HM Revenue and Customs.

Experts anticipate IHT to reach £9 billion by 2027/28, making it a potential focal point in the upcoming general election.

Despite rumours of changes, no adjustments were made in the Autumn Statement.

Total HMRC receipts for the mentioned period increased to £515.9 billion, attributed to rises in income tax, national insurance contributions, VAT, and business taxes.

Despite this overall growth, cash receipts were lower, primarily due to declines in stamp taxes and tobacco.

To seek professional advice to navigate complex IHT rules and mitigate unexpected costs, please contact Lionmede Wealth Management.

Initial financial review meetings are complimentary.

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