As we rapidly approach tax year end and clients submit their self-assessment tax returns, financial adviser’s attention will be drawn to tax planning and mitigating tax relating to both the 2021/22 and 2022/23 tax years.
HM Revenue and Customs (HMRC) recorded a £700 Million uptick in Inheritance Tax (IHT) receipts between April and December last year, totalling £5.3 billion, which has prompted some experts to predict another potentially "record-breaking" year.
Chancellor Jeremy Hunt opted to freeze the IHT threshold of £325,000 for a further two years, to 2027/28 in his Autumn Statement in November.
