Planning and paying for inheritance tax

As inheritance tax take increases by a third, it is time to think about more efficient wealth and tax planning, and practical solutions to protect your wealth, explain Simon Dawson, chief commercial officer, Legacy Release, and Imogen Lea, tax and trust consultant, Wilsons Solicitors LLP

Recent HMRC figures highlighted an increasing level of inheritance tax (IHT) receipts this year, with a total revenue of £2.7bn between April and August, which represented a £0.7bn (35%) increase on the same period last year.

Strong price growth in both house and share values, coupled with the current freeze on both nil rate bands (NRB) and residential nil rate bands (RNRB) allowances until 2026, means more and more estates will become subject to IHT, and the yield received by HMRC will continue to rise.

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