Inheritance tax receipts are £0.7 billion higher than last year

Rebecca Tomes
(IFA Magazine)
September 21, 2021

 

Commenting on inheritance tax receipts £0.7 billion higher than last year at £2.7 billion, Andrew Aldridge, Partner at Deepbridge Capital, said:

“Today’s HMRC data shows a £0.7 billion higher uptake in receipts for inheritance tax than in the same period a year earlier. It shows how easy it is for individuals and couples to generate a potentially large inheritance tax bill when they die, despite not being what they may perceive as ‘wealthy’. Despite the Openwork Partnership, one of the UK’s largest networks of financial advisers, reported a 38% spike in demand for advice on IHT planning in the past year, with more than one in ten clients wanting to discuss it, these latest figures clearly show that many are still not seeking proper financial planning which can make it possible to pass on more of their wealth to their family.

“There are a number of options available to financial planners and their clients but research conducted by Deepbridge has shown that 76% of IFAs believe that their use of Business Relief propositions will increase over the next two years, with less than 2% saying they saw their use of the tax break decreasing. This supports our strategy of providing a service dedicated to offering Business Relief qualifying investments by deploying into companies that should qualify for relief from IHT after only two years and which operate, and trade in, renewable energy generation assets.”

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