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Financials
Inheritance tax (IHT) in the UK has reached unprecedented heights, with HM Revenue and Customs (HMRC) reporting a significant increase in receipts for the period April 2024 to February 2025. The total collected was just shy of £7.6 billion, marking an 11.8% rise over the same period last year[1][5]. This substantial jump reflects broader trends in wealth accumulation, property value growth, and changes in tax policies.
Inheritance tax applies to estates valued above a certain threshold, currently set at £325,000 for the nil-rate band for individuals. It is charged at 40% on the value of assets above this threshold. The tax's design and the freeze on its thresholds have contributed significantly to the recent surge in revenue for the government.
The increase in IHT receipts can be attributed to several factors:
The freeze on the nil-rate band at £325,000 since 2009, combined with the £175,000 residence nil-rate band being static since its introduction in 2020, has been described as a "stealth tax." This policy has significantly increased government revenue without explicitly raising tax rates[4].
The Office for Budget Responsibility (OBR) forecasts continued growth in IHT receipts due to rising asset values and policy adjustments. Predicted receipts include:
From 6 April 2025, new rules affecting long-term UK residents come into effect. These define a long-term resident as someone who has been tax resident in the UK for either ten consecutive years or a total of ten years within the previous twenty years. Non-UK assets belonging to such residents may now be liable to IHT upon death or transfer[3].
These changes will broaden the scope of IHT, impacting more individuals with international assets. They highlight the need for comprehensive estate planning to mitigate tax liabilities on both domestic and overseas assets.
Recent policy changes also target reliefs for business and agricultural properties. For instance:
Given the increasing complexity and burden of IHT, effective planning is crucial:
With IHT rules becoming more stringent and asset values rising, seeking professional advice is essential for optimizing estate planning. This includes reviewing current wills, considering lifetime gifts, and understanding new tax implications for international assets.
The significant increase in inheritance tax receipts reflects both the economic realities of rising asset values and the impact of policy decisions. As the government continues to maintain and adjust tax thresholds, individuals are advised to stay informed about changes and explore legal strategies to minimize IHT liabilities. The rise in IHT collections underscores the importance of proactive financial planning to protect family wealth for future generations.
The UK's inheritance tax landscape is evolving rapidly, driven by economic factors and policy shifts. Understanding these changes is crucial for anyone looking to manage their assets effectively and minimize tax liabilities. Whether through strategic gifting, trust management, or understanding new residence rules, proactive planning can help individuals and families navigate the complexities of IHT.
