How Much Inheritance Tax Was Paid in April

havenifa

havenifa


Posted on: 7th June 2022

In April 2022, HM Revenue and Customs collected a total of £500m in Inheritance Tax (IHT). this has been a £10m increase in the same period from 2021, and the highest sum collected in April for the last 5 years.

Concern for Continued Growth

During the worst cost-of-living crisis in decades, 40-year-high inflation, astronomical house prices on the property market and IHT thresholds froze until 2026, these figures are seen as ones that are set to continue growing.

HMRC is forecast to collect an estimated £37bn in Inheritance Tax over the next 5 years, with the yearly sum growing year on year. This cause for concern reinforces the urgent need for families to engage with independent financial advisers Cheshire for professional advice and take a more active concentration on their tax planning moving forward.

Finding Financial Lifelines

With no word on if IHT will face future changes, many families benefit from finding avenues and routes to saving or eliminating their IHT bills through tax planning strategies, such as investing more tax-efficiently or gifting to family members.

It is now believed that the average family faces an impact of an inheritance tax bill estimating £200,000. With the help of the best independent financial advisers UK, there are perfectly legal avenues to reducing your inheritance liability with a little forward and effective planning.

Inheritance tax planning is not a simple tick off of a to-do list, they require regular reviews with the expertise and advice of a professional adviser – providing market analysis and insights to help deter costly bills and losses as the markets shift.

Talks on Positives

Through various avenues for investment such as venture capital trusts (VCT) and enterprise investment schemes (EIS), you can pass on your inheritances tax-free to your loved ones and utilise a very effective tool in estate planning. This is an area of expertise independent financial advisers Manchester have at their disposal to better serve their clients.

When working with independent financial advisers Cheshire, your allowances will be reviewed regularly to ensure you are getting the best service. It is important to have a trusted relationship with your adviser, one where you feel that they hold your best interests at heart.

This trust is based on ensuring that your allowances are being used efficiently and confidence in your financial situation is clear.

Contact the team at Haven IFA today to discuss plans around inheritance tax planning, potential investments and schemes open to you and ways to reduce your taxes through effective financial guidance.