fbpx

Record Amounts of Inheritance Tax Being Paid in UK

12th October 2021 By

A record amount of Inheritance Tax (IHT) is being recouped from UK taxpayers by the Treasury, according to recent data published by HM Revenue and Customs.

The statistics, released in late August, show that £2.1 billion was collected by the government from IHT in April to July 2021 – a £500 million increase on the amount collected during the same period the year before.

Rising property and share prices are having a knock-on effect by increasing the value of estates passed on through inheritance and pushing them into a higher IHT band.

Earlier this year, the Chancellor of the Exchequer announced that the nil rate IHT bands would be frozen until April 2026, which means growing numbers of families will be faced with higher IHT bills as the value of property and assets shifts estates beyond the nil rate threshold.

Further details on IHT rules can be found on the GOV.UK website.

Source: Concious

Latest News

Neighbours Encroaching on Your Right of Way? Consult a Lawyer Today

14th October, 2021 By

Many homes or businesses are only accessible via neighbours' land and that can prove fertile ground for dispute. However, as a High Court case showed, expert lawyers are adept at ensuring their clients' unhindered use of rights of way. A couple's home and holiday accommodation business was accessed via a track that ran across land that formed part of the grounds of a country house hotel. They took action against the hotel's owners, asserting that they had for a number of years engaged in a persistent and systematic course of...

Record Amounts of Inheritance Tax Being Paid in UK

12th October, 2021 By

A record amount of Inheritance Tax (IHT) is being recouped from UK taxpayers by the Treasury, according to recent data published by HM Revenue and Customs. The statistics, released in late August, show that £2.1 billion was collected by the government from IHT in April to July 2021 – a £500 million increase on the amount collected during the same period the year before. Rising property and share prices are having a knock-on effect by increasing the value of estates passed on through inheritance and pushing them into a higher IHT...

Confidentiality of the Adoption Process Prevails in Parenthood Dispute

8th October, 2021 By

The confidentiality of the process by which an adopted child becomes part of a new, permanent and inviolable family unit is, for very good reasons, sacrosanct. A judge made that point in refusing a man's application for his biological parenthood of an adopted child to be formally recognised. The man was not named as the child's father on her birth certificate but a DNA test had confirmed his paternity. After unsuccessfully opposing her adoption, he sought a judicial declaration that he was the child's parent. If granted, that would permit...

Father's Failure to Make a Will Plunges His Widow Into Legal Difficulties

6th October, 2021 By

One of the best things you can do for your loved ones is to sign a professionally drafted will. As a High Court case showed, failing to take that easy and cost-effective step is to risk plunging those closest to you into legal difficulties after you are gone. The case concerned a German national who died intestate. Under German law, his widow was entitled to half his estate with the remainder being shared between his five children equally. As a result, his youngest son, aged 16, inherited a one-tenth share...