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IHT receipts break £5bn mark for first time!

IHT receipts break £5bn mark for first time!

A massive £5.1 billion inheritance tax was collected by HMRC in the year to 31 May 2017.  This represents a 9% increase on the previous year.

The steady growth in the value of residential property and the freeze on the IHT threshold counts towards the increase.

From this it is clear that the Government are now taking a substantial amount of wealth through inheritance tax.  As a result, it is important to start planning as early as possible how you mean to pass on your wealth to children or grandchildren and hence how your inheritance tax liability can be mitigated.

Over the next few weeks we will be highlighting some IHT points and opportunities to prompt your thinking.

For more information, please contact Lesley Sutton on 01484 550037 or email lesley.sutton@revellward.co.uk.

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