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New data published today by HMRC shows that IHT receipts for April to August 2022 were £2.9 billion, which is £0.3 billion higher than the same period a year earlier. Julia Rosenbloom, tax partner at Evelyn Partners, the leading integrated wealth management and professional services group created from the merger of Tilney and Smith & Williamson, comments.
New data published today by HMRC shows that IHT receipts for April to August 2022 were £2.9 billion, which is £0.3 billion higher than the same period a year earlier. Julia Rosenbloom, tax partner at Evelyn Partners, the leading integrated wealth management and professional services group created from the merger of Tilney and Smith & Williamson, comments:
“This latest reported year-on-year rise for IHT receipts will be welcomed by the Treasury given it is under pressure to pay for Liz Truss’s pledges to reverse the recent national insurance increase and the scheduled corporation taxes increases, as well as fund the energy plan announced earlier this month.
“While the outlook for IHT is uncertain, more families are already being pushed into its scope given frozen allowances and rising house prices – even before any possible changes are made by the new Truss administration. The nil rate band and residence nil rate band which have been frozen until at least April 2026 are pushing IHT receipts upwards, so people should give careful thought to their tax planning to help minimise the chances of being hit by a hefty IHT bill.
“Families should regularly review their tax planning and take a close look at the allowances available to them to ensure they don’t end up paying more tax than they need to. By considering tax planning strategies such as making gifts to family members or investing tax-efficiently there are a number of legitimate ways families may be able to reduce or eliminate their IHT bills.”
Evelyn Partners was created in 2020 through the merger of Tilney and Smith & Williamson. With £63.0 billion of assets under management (as at 31 December 2024), we are one of the largest UK wealth managers ranked by client assets.
Through an extensive network of offices across 25 towns and cities in the UK, as well as the Republic of Ireland and the Channel Islands, we support private clients, family trusts and charities, as well as provide investment solutions to financial intermediaries. Our diverse client base includes entrepreneurs, C-suite senior managers and partners of professional firms.
Our expertise span both award-winning financial planning and investment management, enabling us to offer clients a truly holistic dual expert wealth management service. Through Bestinvest, we also provide an online investment platform and coaching service, for self-directed investors, consistent with our purpose of ‘placing the power of good advice into more hands’.
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