Inheritance Tax is on the rise.....

HMRC have published the latest statistics (see link below) in respect of Inheritance Tax (IHT) receipts and have confirmed that they have collected £3.8bn in 2014/15 which is a rise of nearly 12% on the previous year.

It is astonishing that a tax that we would consider is voluntary should be paid in such a vast amount. See link below-

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/449284/Table12-1.pdf

Clearly there will be some instances where the value of estates of deceased individuals is so high that they can do nothing to avoid IHT after using up various allowances, but in our opinion, the vast majority of individuals put off considering IHT liabilities and therefore fail to plan accordingly.

There are a myriad of reliefs, allowances and planning opportunities available to reduce IHT but there are many pitfalls to avoid.

Speaking to our tax team can help as they are experts in structuring your assets tax efficiently and they would welcome the opportunity to help you pass as much as you can to the next generation.

For Darlington call Alan Moore or Lee Watson (01325 349700), for Durham call Nicola Bellerby or Lee Watson (0191 3842244) and for York called Alan Moore or Graham Richardson (01904 784400).