Inheritance Tax Nets Record £6.7bn Before Budget Raid

Inheritance tax haul hits record £6.7bn - Property Industry Eye

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Inheritance tax nets record £6.7bn before Budget raid

The Exchequer raked in a record £6.7bn in inheritance tax between 2022 and 2023, as a longstanding freeze on the tax-free threshold and ballooning asset prices meant more estates were sucked in to paying the unpopular levy. The overall earnings from inheritance tax rose by over £700m in the tax year 2022/3, official data showed, a year on year jump of 12 per cent. HMRC attributed much of the added haul derived from more estates becoming liable t…

Number of estates pulled into inheritance tax rises by 13 per cent ahead of ‘seismic’ changes

The number of estates drawn into the inheritance tax (IHT) net rose by 13 per cent in 2022-23, ahead of the UK government's planned changes to the IHT regime, new figures released by HMRC show. In the tax year 2022 to 2023, there were 31,500 taxpaying IHT estates, an increase of 3,700 (13 per cent) on the previous tax year. This represented 4.62 per cent of UK deaths resulting in an inheritance tax charge for that period, an increase of 0.23 per…

Inheritance tax set to surpass 2006/07 peak

FAQs on changes to Inheritance Tax legislation for farmers

Many farmers are concerned about the impact of Inheritance Tax reforms but there are ways to put yourself, your family and your business in a better position. This FAQ guide will help you identify aspects of IHT and succession planning that you need to consider.

Inheritance tax liabilities rise 12% to £6.7bn for 2022/23 as 13% more deaths are taxed - IFA Magazine

Annual Inheritance Tax liability statistics from HM Revenue and Customs today revealed that in the tax year 2022 to 2023: 4.62% of UK deaths resulted in an Inheritance Tax (IHT) charge, increasing by 0.23 percentage points since the tax year 2021 to 2022.  The total number of UK deaths that resulted in an IHT charge has also increased. In the tax year 2022 to 2023, there were 31,500 taxpaying IHT estates, an increase of 3,700 (13%) since the pr…