Ireland 
USA IHT receipts show new year-on-year rise
New data published today by HMRC shows that IHT receipts for April 2022 to January 2023 were £5.9 billion, which is £0.9 billion higher than the same period a year earlier. Laura Hayward, tax partner at Evelyn Partners comments.
IHT receipts show new year-on-year rise
New data published today by HMRC shows that IHT receipts for April 2022 to January 2023 were £5.9 billion, which is £0.9 billion higher than the same period a year earlier. Laura Hayward, tax partner at Evelyn Partners comments.
“With monthly IHT receipts continuing to show year-on-year increases, families should give careful thought to their tax planning to minimise the chances of landing themselves a hefty tax bill.
“All eyes are now on what, if any, changes to IHT Chancellor Jeremy Hunt will announce in his first proper Budget on March 15th. However, even if the IHT regime remains unchanged, many families will still be pushed into its scope given that the nil rate band and residence nil rate band have both been locked into place until at least 2028. Many have also been brought into its scope by rising houses in recent years.
“Families should look closely at the ways of reducing or eliminating IHT bills. Gifts you make to other individuals are generally not subject to IHT unless you die within seven years. There is also an annual gift allowance of up to £3,000 per tax year, and this will not be subject to IHT even if you do die within seven years. This £3,000 annual allowance can only be brought forward for one tax year, so if you have assets to spare you may want to consider using up this and last year’s allowance before 5 April. Families should also ensure they invest in the most tax-efficient manner possible.”
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