SJP’s Tony Wickenden discuses HMRC’s latest inheritance tax receipts

by | Apr 26, 2022

Share this article

Tony Wickenden, managing director of Technical Connection, SJP comments on HMRC’s latest inheritance tax receipts:

“The latest HMRC stats on inheritance tax receipts reveal that with a total yield of £6.1 billion, £0.7 billion more was collected in the period between April 2021 and March 2022 than in the previous year.

“The reasons for this increase are not yet clear but key drivers of IHT yield include the number of deaths, the size of estates, the use of exemptions (notably the spouse exemption), the tax rate and the amount of a taxable estate taxed at the nil rate. The pandemic generally recovered asset values and the impact of the frozen nil rate band would be obvious places to look.

“We are set for continued “freezing” of the nil rate bands until April 2026 which, dependant on other factors, could well mean that more estates are subject to IHT. This, combined with the fact that IHT is a much disliked tax means that appetite for planning strategies to reduce and provide for the tax is likely to increase.”

 
 

Share this article

Related articles

IFAM 127 | Not if, but when | April 2024

IFAM 127 | Not if, but when | April 2024

Not if, but when… Spring finally seems to have arrived! Since our last edition, we have had the Spring Budget and the Bank of England (BoE) rate announcement to name but a few important landmarks. This has kept us, like all of you I am sure, quite busy over the last...

Sign up to the IFA Magazine Newsletter

Trending articles

IFA Talk logo

IFA Talk is our flagship podcast, that fits perfectly into your busy life, bringing the latest insight, analysis, news and interviews to you, wherever you are.

IFA Talk Podcast - listen to the latest episode

x