New statistics released have showed that Inheritance tax (IHT) receipts have risen for the tax year running from April 2022 through to March 2023. Mostly due to property wealth, receipts rose to reach £7.1 billion for the billing period, around £1 billion higher than in previous tax year.
The most recent forecasts from the Office for Budget Responsibility were released last week. They indicate that IHT receipts could now reach £7.2 billion for the tax year running April 2023 to March 2024.
The rise in property value here in the UK has pushed many estates beyond the nil band rate and have triggered an IHT bill. Wealthy Britons with concerns regarding the size of the IHT bill their beneficiaries must pay on their estate when they die often seek advice from experts in retirement planning in Shropshire, Buckinghamshire and other affluent counties. Holistic financial advisors like wealth managers help their clients to reduce the impact of an IHT bill through tax-efficient strategies, while ensuring they enjoy adequate provisions during their retirement.
The new reports follow tax receipt data being released by Her Majesty’s Revenue and Customs (HMRC) in its most recent bulletin, which has led to many business analysts expressing their views on its implications. Some have commented that revenue generated from IHT plays a key role in the UK’s spending programme and remarked that analysts are interested to see if the Prime Minister will opt to change this approach to secure popularity in the polls.