IHT tax receipts continue year-on-year rise  

by | May 24, 2022

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Tax

New HRMC data out today shows that IHT receipts for April 2022 were £0.5 billion – £10 million higher than the same period a year earlier.  

Julia Rosenbloom, tax partner at Tilney Smith & Williamson, commented:

“With growing pressure mounting on the Chancellor to do more to help families struggling with the cost of living crisis, the latest reported year-on-year rise in IHT collections provides a welcome boost for the Treasury’s coffers. This upward trend shows no signs of abating given that the Office for Budget Responsibility forecasted earlier this year that the Treasury will receive £37 billion in IHT payments over the next five years.

“The need for families to take professional advice and give careful consideration to their tax planning has never been more important. We don’t know what, if any, changes will be made to IHT in the future, but already many people are facing higher IHT bills given that the nil rate band and residence nil rate band has been frozen until at least April 2026. Rising property prices are pushing more families into scope for IHT.

“By taking action sooner, rather than later, families may be able to reduce or eliminate their IHT bills by considering tax planning strategies such as investing tax-efficiently or making gifts to family members.  During these uncertain economic times, receiving such gifts may be particularly welcome for some.”   

 

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