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New data published today by HMRC shows that IHT receipts for April 2022 to January 2023 were £5.9 billion, which is £0.9 billion higher than the same period a year earlier. Laura Hayward, tax partner at Evelyn Partners comments.
New data published today by HMRC shows that IHT receipts for April 2022 to January 2023 were £5.9 billion, which is £0.9 billion higher than the same period a year earlier. Laura Hayward, tax partner at Evelyn Partners comments.
“With monthly IHT receipts continuing to show year-on-year increases, families should give careful thought to their tax planning to minimise the chances of landing themselves a hefty tax bill.
“All eyes are now on what, if any, changes to IHT Chancellor Jeremy Hunt will announce in his first proper Budget on March 15th. However, even if the IHT regime remains unchanged, many families will still be pushed into its scope given that the nil rate band and residence nil rate band have both been locked into place until at least 2028. Many have also been brought into its scope by rising houses in recent years.
“Families should look closely at the ways of reducing or eliminating IHT bills. Gifts you make to other individuals are generally not subject to IHT unless you die within seven years. There is also an annual gift allowance of up to £3,000 per tax year, and this will not be subject to IHT even if you do die within seven years. This £3,000 annual allowance can only be brought forward for one tax year, so if you have assets to spare you may want to consider using up this and last year’s allowance before 5 April. Families should also ensure they invest in the most tax-efficient manner possible.”
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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