UHY Ross Brooke Chartered Accountants

Inheritance tax receipts likely to exceed £7bn in 2022

HMRC letter and coins

The average inheritance tax bill has increased by £57,000 in the last 3 years, with the average bill now costing estates around £266,000. Already over £3.5bn has been received by HMRC in the first 6 months of 2022*.

Rising house prices and the allowance freeze means that ever-increasing numbers of people are being caught in the IHT trap.

Of course, there are legal ways to mitigate inheritance tax both before and after the final reckoning, although many people are not aware of them, or delay making a decision until it’s too late. Some may even misguidedly believe that an accountant would be too expensive to consult.

How to reduce your inheritance tax bill

  • Use of gift allowances – annual and ad hoc
  • Charitable gifts
  • Regular payments from income
  • Insurance and pensions
  • Trusts
  • Business and agricultural relief
  • Home ownership including how and when the house is sold.

If you would like to reduce your tax liability and help your dependents, please do get in touch with our experts. We can provide many services relates to inheritance tax planning.

*Source: Sunday Express   The Mail on Sunday   The Sunday Times  

Please contact us now to see how to reduce your Inheritance Tax bill.

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