{"id":7531,"date":"2022-08-11T12:28:54","date_gmt":"2022-08-11T11:28:54","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/?p=7531"},"modified":"2022-08-11T12:28:56","modified_gmt":"2022-08-11T11:28:56","slug":"iht-time-for-a-refresh","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2022\/08\/11\/iht-time-for-a-refresh\/","title":{"rendered":"IHT \u2013 time for a refresh?"},"content":{"rendered":"<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Latest data\nfrom HM Revenue &amp; Customs (HMRC) revealed IHT receipts for April 2021 to\nMarch 2022 were \u00a36.1bn, 14% (\u00a30.7bn) higher than in the same period 12 months\nearlier.<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Factors at\nplay<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Receipts have\nincreased partly due to higher death rates during the pandemic, as well as due\nto the rise in property prices which has seen more families coming into scope\nfor IHT. With thresholds frozen at current levels \u2013 the nil-rate band is <strong>\u00a3325,000<\/strong>\nand the main residence nil-rate band is <strong>\u00a3175,000<\/strong> \u2013 IHT is effectively a\nstealth tax.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>IHT top tips<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Gifts<\/strong> \u2013\nuse your <strong>\u00a33,000<\/strong> annual allowance before the end of each tax year. You\ncan also make gifts of up to <strong>\u00a3250<\/strong> per person per tax year<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Trusts<\/strong> \u2013\nfor example putting money into a trust to pay for a grandchild\u2019s education or\nto support another relative<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Make a Will<\/strong>\n\u2013 and keep it up to date<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Leave money\nto charity<\/strong> \u2013 if you leave at least 10% of your net estate to charity, the\nIHT rate reduces from 40% to 36%<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Take out\nlife assurance<\/strong> \u2013 this won\u2019t reduce your estate but instead provides a lump\nsum to your beneficiaries to pay the IHT bill. The policy should be written\nunder a suitable trust<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Take advice<\/strong>\n\u2013 sensible IHT planning can help to reduce the amount of IHT your beneficiaries\nwill have to pay and safeguard your wealth for the future.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong><em>The value\nof investments and income from them may go down. You may not get back the\noriginal amount invested. A pension is a long-term investment. The fund value\nmay fluctuate and can go down. Your eventual income may depend on the size of\nthe fund at retirement, future interest rates and tax legislation.<\/em><\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Latest data from HM Revenue &amp; Customs (HMRC) revealed IHT receipts for April 2021 to March 2022 were \u00a36.1bn, 14% (\u00a30.7bn) higher than in the same period 12 months earlier. Factors at play Receipts have increased partly due to higher death rates during the pandemic, as well as due to the rise in property prices [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":7532,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,89,90],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/7531"}],"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\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=7531"}],"version-history":[{"count":4,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/7531\/revisions"}],"predecessor-version":[{"id":7726,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/7531\/revisions\/7726"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/7532"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=7531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=7531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=7531"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=7531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}