Brexit & EconomyHMRCHMRC collects record £5bn in inheritance tax

HMRC collects record £5bn in inheritance tax

HMRC collected a record £5.1bn in inheritance tax in the year June 2016 to May 2017, according to private client law firm Wilsons

HMRC collects record £5bn in inheritance tax

HMRC collected a record £5.1bn in inheritance tax in the year June 2016 to May 2017, according to private client law firm Wilsons.

The record amount represents a 9% rise when compared to the previous year’s figure of £4.7bn.

Wilsons said that more estates are now subject to the tax given the inheritance tax threshold freeze at £325,000. The current rate stands at 40%.

Tim Fullerlove, partner at the firm, warned that some families could be left with large inheritance tax bills. He said: “A substantial amount of wealth is now being taken by the government through IHT. What upsets people is that this is wealth that is being taxed twice.

“It is important that people start planning as early as possible how they mean to pass their wealth on to their children or grandchildren. If they do not do this, families could be met with large IHT bills.”

In May this year, UHY Hacker Young said that Inheritance tax relief claimed on charitable donations was predicted to reach £900m next year.

Related Articles

Paradise Papers: The role of the accountant

HMRC Paradise Papers: The role of the accountant

2w Alia Shoaib, Reporter
How simple is Simple Assessment?

HMRC How simple is Simple Assessment?

2w Helen Thornley, ATT Technical Officer
HMRC victorious in £1.25bn VAT dispute with Littlewoods

HMRC HMRC victorious in £1.25bn VAT dispute with Littlewoods

3w Alia Shoaib, Reporter
HMRC ‘slow to act’ on VAT fraud, tougher stance needed for online marketplaces

HMRC HMRC ‘slow to act’ on VAT fraud, tougher stance needed for online marketplaces

1m Emma Smith, Managing Editor
HMRC probing Manchester United players over image rights tax dodges

HMRC HMRC probing Manchester United players over image rights tax dodges

3m Alia Shoaib, Reporter
Tax gap closes to record low

HMRC Tax gap closes to record low

3w Austin Clark, Reporter
Bumper year for HMRC as taxes on wealthy bite

HMRC Bumper year for HMRC as taxes on wealthy bite

4w Austin Clark, Reporter
HMRC triumphs over tax avoidance scheme expected to net £325m

HMRC HMRC triumphs over tax avoidance scheme expected to net £325m

4w Alia Shoaib, Reporter