HM Revenue and Customs recently released their data on receipts for 2018/19 taxation. As usual, there are some eyewatering large numbers reported, not least, the bold figure that Inheritance Tax contributions had surpassed £5.2 billion for the first time.
The figures also revealed that revenue from Inheritance Tax (IHT) has continued to rise since 2010, ending the year 0.4% higher than the receipts for 2017, a £400 million year on year increase.
There has been a £1 billion increase in IHT contributions in the last 5 years, fueling many to speculate that they are only going to increase in the future, with NFU Mutual predicting that these figures will rise to £6.5 billion by the end of 2019/20.
Worryingly for people looking to secure the Inheritance they can pass on to their loved ones and compounding concerns around the cost of death with the recent review of Probate Fees increasing by up to 3,770%.
With the right professional advice, you can protect yourself against the amount of Inheritance Tax you pay, through effective Wills, Trusts & Estate Planning.
Redwood Financial is one of the souths leading Pensions, Wills, Trusts & Estate Planning providers and we are dedicated to helping families to grow, protect and enjoy their wealth. With our unrivalled knowledge of pension and financial wealth planning, we can advise on any situation. Join us at one of our Free Public Information Seminars: Book online Book Me A Place!, Call us on 01489877 547 or Email info@redwoodfinancial.co.uk to book a FREE Initial Meeting with us to review your financial planning needs.
