UK property prices have risen steadily over recent years while the inheritance tax nil-rate band has been static since 2009. This explains why the Government’s income from inheritance tax increased by 13% to £1.6 billion in the year to March 2022. The Office for Budget Responsibility estimates that inheritance tax receipts will increase by a further 36% to £8.3 billion by 2026/27. Most of us want to do what we can to mitigate and reduce inheritance tax paid when we die. We advise our clients about this, either as a stand-alone exercise or more likely in conjunction with a Will review. To find out more about Inheritance Tax, contact us today.
Is it time to act to reduce your inheritance tax bill?
By Vicki McKenzie | June 29, 2022