Chancellor Rachel Reeves announced plans to include unused pension funds and death benefits within the value of estates for IHT purposes, during the Autumn Budget 2024. Under the proposals, pension administrators will report and pay IHT directly to HMRC. Death-in-service benefits paid out by employers [...]

Recent HMRC data shows that IHT receipts rose to £4.3bn during the period from April to September 2024, a £400m increase on the same period the previous year. With 27% of 18 to 34-year olds (1.1 million people) holding out for an inheritance before going [...]

Data¹ has shown that Inheritance Tax (IHT) receipts have continued their ascent, with £2.8bn received in the April to July period this year. This figure is a substantial £0.2bn increase on the same period in the previous tax year (2023/24). Frozen thresholds continue to take [...]

Figures released by HM Revenue & Customs (HMRC) show that IHT receipts have hit record levels while new data shows the taxman is hunting down thousands of families that have not paid the correct liability on inherited estates. Record sums In the first ten months [...]

Nearly half (48%) of adults aged 18 to 40 don’t have life insurance¹. This puts many in a precarious position, as the unfortunate reality is that the cost of dying is high. Research has found that a premature death can cost surviving family members an [...]

Succession, the hugely popular TV show, highlights the complexities of wealth transfer. There’s a lot to think about when passing on your wealth – as well as the risk of family disputes, tax implications need to be taken into consideration. Preserving, planning and communication As [...]

HMRC has set up a new specialist team to target estates of wealthy deceased individuals in order to check whether a greater Inheritance Tax (IHT) liability may have been due than originally calculated by estate executors. This clampdown has seen record amounts of unpaid tax [...]

It’s been three years since then-Chancellor Philip Hammond asked the Office of Tax Simplification to look into potential amendments to the Inheritance Tax (IHT) regime*. Since then, no changes have been made to the tax incurred when wealth passes onto the next generation; could Rishi [...]