Record inheritance tax revenues ahead of simplification review

Record inheritance tax revenues ahead of simplification review

As inheritance tax (IHT) receipts hit a record for the Treasury, is it time to review your estate planning ahead of any changes in the Budget? 2017/18 produced record IHT receipts according to HMRC data published in July. The latest release of the annual statistics revealed IHT produced £5.228 billion for the Exchequer in 2017/18. That’s an increase of two thirds over just five years and, as the graph below shows, IHT revenue has been rising rapidly since Treasury receipts hit a low in 2009/10, owing to the combined impacts of the financial crisis and the introduction of the transferable nil rate band…