{"id":24313,"date":"2024-05-21T13:29:14","date_gmt":"2024-05-21T12:29:14","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/?p=24313"},"modified":"2024-07-03T12:06:29","modified_gmt":"2024-07-03T11:06:29","slug":"record-levels-of-iht-receipts","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2024\/05\/21\/record-levels-of-iht-receipts\/","title":{"rendered":"Record levels of IHT receipts\u00a0"},"content":{"rendered":"
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Figures released by HM Revenue & Customs (HMRC) show that IHT receipts have hit record levels while new data shows the taxman is hunting down thousands of families that have not paid the correct liability on inherited estates.<\/strong> <\/p>\n<\/div>\n\n

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Record sums<\/strong> <\/p>\n<\/div>\n\n

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In the first ten months of the 2023\/24 financial year, HMRC collected \u00a36.3bn in death duty receipts, \u00a30.4bn more than during the same period of the previous fiscal year. This represents a 7% rise and suggests this year\u2019s annual figure will comfortably surpass last year\u2019s record-breaking total of \u00a37.1bn. <\/p>\n<\/div>\n\n

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Frozen thresholds<\/strong> <\/p>\n<\/div>\n\n

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The increase continues an upward trajectory that has been evident in recent years, largely as a result of the nil-rate threshold being frozen at \u00a3325,000 for over a decade. This, combined with growth in property prices, has effectively dragged more households into the IHT net.\u00a0<\/p>\n<\/div>\n\n

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Investigations rising<\/strong> <\/p>\n<\/div>\n\n

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Recent years have also seen record amounts of underpaid tax clawed back by HMRC through a specialist team targeting the estates of wealthy deceased individuals. Data obtained via a Freedom of <\/p>\n<\/div>\n\n

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Information request shows a total of 2,029 IHT investigations were opened between April and November 2023, with \u00a3172m recovered over that period as a result of targeted investigations. <\/p>\n<\/div>\n\n

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IHT concerns<\/strong> <\/p>\n<\/div>\n\n

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New research1<\/sup> also suggests IHT is the number one financial concern among wealthy individuals. In total, the survey found that more than a third of wealthy Brits are worried about IHT, with notable increases in levels of concern reported across both the 25 to 34 and 55 to 65-year-old categories over the past year.  <\/p>\n<\/div>\n\n

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Complex rules<\/strong> <\/p>\n<\/div>\n\n

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The rules surrounding IHT are notoriously complex and people therefore often require professional advice in order to find the most e\ufb03cient solution for their personal circumstances. If you have any concerns or need advice in this area do get in touch; we\u2019re always here to help. <\/p>\n<\/div>\n\n

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1<\/sup>RBC, 2024 <\/p>\n<\/div>\n\n

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The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. The Financial Conduct Authority (FCA) does not regulate Will writing, tax and trust advice and certain forms of estate planning.<\/strong> <\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Figures released by HM Revenue & Customs (HMRC) show that IHT receipts have hit record levels while new data shows the taxman is hunting down thousands of families that have not paid the correct liability on inherited estates.  Record sums  In the first ten months of the 2023\/24 financial year, HMRC collected \u00a36.3bn in death […]<\/p>\n","protected":false},"author":4,"featured_media":24314,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,89],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/24313"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=24313"}],"version-history":[{"count":4,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/24313\/revisions"}],"predecessor-version":[{"id":25187,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/24313\/revisions\/25187"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/24314"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=24313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=24313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=24313"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=24313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}