{"id":2732,"date":"2023-07-26T14:24:37","date_gmt":"2023-07-26T13:24:37","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/quilter\/?p=2732"},"modified":"2023-07-26T14:25:05","modified_gmt":"2023-07-26T13:25:05","slug":"iht-hits-the-mainstream","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/quilter\/2023\/07\/26\/iht-hits-the-mainstream\/","title":{"rendered":"IHT hits the mainstream"},"content":{"rendered":"<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Recent data from HM Revenue &amp; Customs (HMRC) has shown that Inheritance Tax (IHT) receipts for the 2022\u201323 tax year totalled \u00a37.1bn, up \u00a31bn from the previous tax year. With receipts consistently rising, this significant uplift can be attributed in part to <\/strong><strong><em>\u2018a combination of the recent rises in asset values and the government\u2019s decision to maintain the IHT nil rate band thresholds at their 2020 to 2021 levels up to and including 2025 to 2026,\u2019<\/em><\/strong><strong> according to HMRC.<\/strong>&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Over the next five years, IHT is expected to bring in \u00a338bn for the Treasury, as detailed in the Spring Budget. This means annual receipts should exceed \u00a38bn by 2027-28, with 6.7% of deaths expected to trigger an IHT charge, versus 3.76% of UK deaths in 2019-20.&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Previously regarded as a tax on the wealthy, record receipts have prompted suggestions that the tax has now become mainstream, with elevated house prices and frozen thresholds having an impact despite the main residence nil-rate band introduced in 2017.&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>The good news\u2026<\/strong>&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Expert planning can help you legitimately mitigate IHT, so you can pass on assets to your family as you\u2019d intended. Depending on your unique circumstances, there are different strategies you can implement such as considering placing assets into trust, making use of exemptions, making gifts during your lifetime, and thinking about leaving something to charity. With reliefs and exemptions on gifts to consider and the interaction with other taxes, IHT is complex. With many more estates likely to be subject to IHT over the coming years, taking expert advice has never been so important.&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong><em>It is important to take professional advice before making any decision relating to your personal finances. Information within this article is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK.<\/em><\/strong>&nbsp;<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Recent data from HM Revenue &amp; Customs (HMRC) has shown that Inheritance Tax (IHT) receipts for the 2022\u201323 tax year totalled \u00a37.1bn, up \u00a31bn from the previous tax year. With receipts consistently rising, this significant uplift can be attributed in part to \u2018a combination of the recent rises in asset values and the government\u2019s decision [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":2733,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,77],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/2732"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/comments?post=2732"}],"version-history":[{"count":5,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/2732\/revisions"}],"predecessor-version":[{"id":2738,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/2732\/revisions\/2738"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/media\/2733"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/media?parent=2732"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/categories?post=2732"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/tags?post=2732"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/hd_content_source?post=2732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}