“There is no ignoring the fact that we are moving in an upward trend and are on track to break last year’s record of £6.1bn by more than 10%. The OBR predicted last November that IHT receipts would keep growing to reach £7.8bn by 2027/28.”
Tully explained the current tax-free allowance of £325,000 is frozen until 2027/28. “This freeze, plus house prices skyrocketing in recent years, and soaring inflation, mean that more and more families could face an unforeseen and unwelcome inheritance bill from the tax man,” he said. “Indeed, the belief that IHT is strictly for the affluent no longer applies.”
GrowthInvest is a trading name of EIS Platforms Limited. EIS Platforms Limited (FRN: 694945) is an appointed representative of Sapphire Capital Partners LLP (FRN:565716) which is authorised and regulated by the Financial Conduct Authority in the UK.
All rights reserved 2023 @ growthinvest