HMRC 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 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.

Whitepaper

The Future of Finance is in the CFO's Hands

Business The Future of Finance is in the CFO's Hands

2m
Save a Week a Month Consolidating Accounts

Accounting Software Save a Week a Month Consolidating Accounts

3m
Mitigating Risk Through Internal Control

Legal Mitigating Risk Through Internal Control

4m
Could tax season have run more efficiently?

Corporate Tax Could tax season have run more efficiently?

4m

Related Articles

HMRC loses £13.2bn in tax to criminals 

HMRC HMRC loses £13.2bn in tax to criminals 

4d Dave Beach
Phone security expert lauds HMRC’s response to scam surge

HMRC Phone security expert lauds HMRC’s response to scam surge

3w Dave Beach
Restaurants and takeaways make up a quarter of HMRC's named and shamed tax defaulters

HMRC Restaurants and takeaways make up a quarter of HMRC's named and shamed tax defaulters

1m Beth McLoughlin, Managing Editor
HMRC applied to shut down 4,160 businesses in 2018

HMRC HMRC applied to shut down 4,160 businesses in 2018

2m Emanuela Hawker, Reporter
Are HMRC’s Accelerated Payment Notices proof of the taxman’s aggression?

HMRC Are HMRC’s Accelerated Payment Notices proof of the taxman’s aggression?

2m Emanuela Hawker, Reporter
HMRC retrospective loan charge causing problems for contractors

HMRC HMRC retrospective loan charge causing problems for contractors

2m Emanuela Hawker, Reporter
Friction between HMRC and the taxpayer as the number of tribunal disputes continues to rise

HMRC Friction between HMRC and the taxpayer as the number of tribunal disputes continues to rise

2m Emanuela Hawker, Reporter
Property taxation is under increasing scrutiny

HMRC Property taxation is under increasing scrutiny

3m Emanuela Hawker, Reporter