Recent research* has shown that families in the UK have paid an extra £600m to HMRC after missing out on tax reliefs that could have dramatically reduced their inheritance tax bills.
We have previously described** that the Government has announced it has frozen the “nil-rate band” at £325,000 until 2028 meaning more families are paying 40% Inheritance Tax on their estates when they die.
As a result the Government collected £6.1bn in death duties in 2021. That figure is expected to reach £6.7bn for 2022.
With careful estate planning you can significantly reduce your Inheritance Tax bill ensuring you leave more of your estate to your loved ones.
If you would like to receive advice on this important issue please contact us on 01642 475252 and we would be delighted to assist.
*The Telegraph 23.1.23. – https://www.telegraph.co.uk/tax/inheritance/families-miss-600m-inheritance-tax-breaks
**Askews News 18.11.22. – https://www.askews.com/autumn-statement-2022-iht-freeze/