Legal News | 27.04.23
Seven! The number on everyone’s minds when it comes to Inheritance Tax
The sad passing of Len Goodman and his infamous use of “seven!” is the inspiration behind this week’s newsletter. Last week focused on Inheritance Tax (“IHT”) as it applies to discretionary trusts. Lucy Humphreys, a paralegal in Wansbroughs’ Private Client team, focuses on the rise of IHT bills.
As discussed in a recent newsletter, seven years is vital when it comes to gifting and IHT. Now, seven hits the headlines again with the recently released figure of £7.1bn from HM Revenue and Customs, being the total IHT receipts for the 2022-23 tax year; a record £1bn increase on the previous tax year.
The fact that the inheritance tax threshold has not increased since April 2009, when combined with house prices and inflation, means that IHT is no longer just a tax impacting only the very wealthy.
Steps can be taken to plan your estate and ensure that you are making use of available reliefs and exemptions. If you would like help understanding Inheritance Tax and how to mitigate potential IHT, please do not hesitate to contact your usual Wansbroughs’ contact or email firstname.lastname@example.org.