IHT receipts continue year-on-year rise

New data published today by HMRC shows that IHT receipts for April to August 2022 were £2.9 billion, which is £0.3 billion higher than the same period a year earlier.  Julia Rosenbloom, tax partner at Evelyn Partners, the leading integrated wealth management and professional services group created from the merger of Tilney and Smith & Williamson, comments. 

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Published: 21 Sept 2022 Updated: 21 Sept 2022

IHT receipts continue year-on-year rise

New data published today by HMRC shows that IHT receipts for April to August 2022 were £2.9 billion, which is £0.3 billion higher than the same period a year earlier. Julia Rosenbloom, tax partner at Evelyn Partners, the leading integrated wealth management and professional services group created from the merger of Tilney and Smith & Williamson, comments:

“This latest reported year-on-year rise for IHT receipts will be welcomed by the Treasury given it is under pressure to pay for Liz Truss’s pledges to reverse the recent national insurance increase and the scheduled corporation taxes increases, as well as fund the energy plan announced earlier this month.  

 

“While the outlook for IHT is uncertain, more families are already being pushed into its scope given frozen allowances and rising house prices – even before any possible changes are made by the new Truss administration. The nilrateband and residence nil rate band which have been frozen until at leastApril 2026 are pushing IHT receipts upwards, so people should give careful thought to their tax planning to help minimise the chances of being hit by a hefty IHT bill.   

 

Families should regularly review their tax planning and take a close look at the allowances available to them to ensure they don’t end up paying more tax than they need to. By considering tax planning strategies such as making gifts to family members or investing tax-efficiently there are a number of legitimate ways families may be able to reduce or eliminate their IHT bills.”  

About Evelyn Partners

Evelyn Partners is the UK’s leading integrated wealth management and professional services group, created following the merger of Tilney and Smith & Williamson in 2020. With £59.1 billion of assets under management (as at 31 December 2023), we are one of the largest UK wealth managers ranked by client assets and the seventh largest accountancy firm by ranked by Group fee income (source: Accountancy Age 50+50 rankings, 2023).

We have a network of offices in 30 towns and cities across the UK, the Republic of Ireland and the Channel Islands. Through our operating companies, we offer an extensive range of financial and professional services to individuals, family trusts, professional intermediaries, charities, and businesses.

Our purpose is to ‘place the power of good advice into more hands’, and we are uniquely well-placed to support clients with both their personal financial affairs and their business interests. Our personal wealth management services include financial planning, investment management, personal tax advice and, through Bestinvest, we have a multi award-winning online investment service for self-directed investors. For businesses, our wide range of services includes assurance and accounting, business tax advice, employee benefits, forensics

For further information please visit: www.evelyn.com