Over recent years more and more families have been drawn into the Inheritance Tax (IHT) net and having a frozen nil-rate band at £325,000 since 2009 has not helped. It is expected that the number drawn into the IHT net will continue to rise due to rising house prices and a five-year bull market in shares.
HMRC has confirmed that IHT receipts have risen by 7.9% to £3.1 billion in 2012/13 and went up by 8.6% to £3.4 billion in 2013/14.
Please contact a Financial Planner at Create Wealth if you wish to discuss the merits of making use of relevant IHT exemptions, carrying out other lifetime planning or reviewing your Will which can all prove valuable in saving inheritance tax. The earlier the planning is put in place, the better the outcome.