Inheritance Tax has been called an ‘optional tax’ by some, though latest figures revealed that £5.1bn of IHT was collected in the year ended 31 May 2017.
National Statistics have revealed that the £5bn barrier was breached for the first time, up 9% from the £4.7bn for 2015/16.
Both April 2017 and May 2017 have resulted in tax receipts exceeding £0.5bn per month: indication that it could be heading for £6bn a year sooner rather than later.
See our guides for the latest changes and the IHT reliefs available:
IHT: Inheritance Tax Rates and Allowances
IHT Agricultural Property Relief & Farmhouses
IHT Agricultural Property Relief & Land
IHT Business Property Relief (subscriber guide)
IHT transferable nil rate band
IHT transferable nil rate band
Main Residence Nil Rate Band (RNRB)
Normal expenditure out of income
IHT: estate planning checklist
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