New Record High For Inheritance Tax Payments
New figures from HMRC show an alarming 13% year on year rise in Inheritance Tax receipts, raking in a staggering £5.3 billion to the end of February. These record sums forced Chancellor Phillip Hammond to instigate reforms in the notoriously complex IHT system.
Rules for Inheritance Tax Baffle Older Generations
Inheritance Tax is often described as incomprehensible. Executors often complain to Probate lawyers that the deceased could have done more to save Inheritance Tax. Of course, by that stage, it is too late to do anything about it. One solution is to take full advantage of the rules on gifts, which is something older generations seem perhaps reluctant to do.