The uptick in inheritance tax receipts for the six months to October 31st, 2022 shows individuals are not seeking appropriate advice, according to Andrew Aldridge, Partner & Head of Marketing at Deepbridge Capital.

Andrew Aldridge, Partner & Head of Marketing at Deepbridge Capital commented:

"It shows how easy it is for individuals and couples to generate a potentially large inheritance tax bill when they die, despite not being what they may perceive as ‘wealthy’. Despite a majority of financial advisers telling us that inheritance tax is a primary financial planning consideration, these latest figures clearly show that many individuals are still not seeking the advice, which can make it possible to pass on more of their wealth to their family."

Inheritance tax receipts for April to October this year were £3.6bn, a rise of £600m compared with the same period in 2020. House prices have kept rising over the past year. The average UK house price was £278,000 in March 2022, which is £24,000 higher than this time last year, according to the Office for National Statistic’s house price index.

HMRC said the higher receipts recorded between March and August this year were expected to be due to higher volumes of wealth transfers that took place during the Covid-19 pandemic, though it said it could not verify this until full administrative data becomes available. 

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