The number of estates liable for inheritance tax (IHT) is on the rise – and the number of Britons liable to pay the tax is likely to balloon before the end of 2016, according to a new study.
The comments, which accompany a new analysis of HM Revenue & Customs (HMRC) data, come shortly after it was confirmed that the current IHT nil rate band of £325,000 would remain in force until 2021.
A new study highlighted in Money Observer has revealed an upward trend in the number of millionaires in the UK. Numbers rose by almost 30 per cent between 2008 and 2013, according to research.
The study has predicted that, if the trend continues, the number of UK millionaires could reach 495,000 by the end of 2016 – and 585,000 by 2020.
Such research suggests that the Treasury is set to take a greater chunk of peoples’ estates in years to come.
Back in May 2016, separate data released by the Office for National Statistics (ONS) suggested that IHT profits were climbing towards a record-breaking high, after it was revealed that IHT revenues hit £4.6billion in the 2015/16 financial year.
If you are concerned about IHT, the only way to secure that you will leave behind a legacy for your loved ones is consult legal specialists for an in-depth analysis of your circumstances and IHT obligations.
Carter Lemon Camerons LLP Solicitors is a City law firm which provides inheritance tax planning services with a personal touch to its clients. Unlike many City practices we are happy to act in smaller private legal matters, bringing the same care and consideration as we do to large commercial matters. If you require advice on inheritance tax planning, please contact Ian West or Michael Woodward or telephone: 020 7406 1000.
