INHERITANCE TAX – PLANNING
Synopsis: HMRC has confirmed that inheritance tax receipts are on the rise – due to an increase in house prices and a five-year bull market in shares. Once again early estate planning will no doubt prove valuable for clients to reduce tax payable on death.
Date posted: Wednesday, August 13, 2014
Over recent years more and more families have been drawn into the inheritance tax (IHT) net – and having a frozen nil rate band at £325,000 since 2009 has not helped. It is expected that the number drawn in will continue to rise due to rising house prices and a five-year bull market in shares.
HMRC has confirmed that IHT receipts have risen by 7.9% to £3.1 billion in 2012/13 and went up by 8.6% to 3.4 billion in 2013/14.
In June of this year, the Office for Budget Responsibility also published information on the increase in the number of estates being liable to inheritance tax, see our earlier bulletin.
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