Record IHT Haul Spells Warning For Families
News that HM Revenue and Customs (HMRC) collected a record £5.1 billion in Inheritance Tax (IHT) in 2017 will come as a warning for many people, the near half billion pound increase over the previous year being largely due to more home owning families being drawn into the IHT net.
With the average house price in the UK now more than £217,000 (and more than double that in London) and with an IHT threshold (although there are extra reliefs for the family home) of £325,000, there is a distinct danger that anyone with reasonable savings and other assets will leave an estate that exceeds the threshold.
Fortunately, IHT is a tax which is usually avoidable with planning and if action is taken in good time.
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