HMRC collected £2.6bn from inheritance tax (IHT) in the 13 weeks between April and July 2023. This is higher than in the same period a year earlier
Read moreIHT – Passing on Wealth to Beneficiaries
The Office for Budget Responsibility estimated in March that the proportion of estates liable to inheritance tax this year will be one in sixteen. By 2026-2027 that will top one in fifteen.
It is possible to leave £1m free of tax but for unmarried people the allowance is £325,000. This threshold is now frozen until April 2026. Tax on assets above the tax-free threshold, which is £325,000 per person or twice that for married couples, £650,000, is applied at 40%.
Read more