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Inheritance Tax Receipts Continue To Rise

The UK Government's tax authority has released its annual Inheritance Tax (IHT) receipts, with latest figures from HM Revenue and Customs showing that it raised £2.9 billion ($3.3 billion) in IHT receipts over the period April to the end of August 2022. 

An increase of £300 million from the same period the year prior. The rise and fall in revenues can highlight whether measure to mitigate the impact of IHT work or not; they also reflect changes to asset values - often a hot political issue as more people get dragged into the tax net. 

Under UK law, inheritance tax is paid at 40 per cent on assets valued above a certain threshold. Around one in every 25 estates pay the tax, and a combination of inflation and decades of house price increases are taking more and more estates above the threshold.  

Andrew Aldridge, Partner & Chief of Marketing at Deepbridge Capital commented: 
“Inheritance Tax receipts continue to needlessly grow, and this trend is not set to slow as more and more households potentially fall into paying the tax. However, prudent financial planning should enable many individuals in or approaching retirement to mitigate this tax on their estate providing some financial peace of mind. Indeed, Deepbridge’s recent research suggested that Business Relief investments have become an increasingly common tool used by financial advisors and we expect this demand to continue to grow.” 

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