Think bigger

The government’s income from inheritance tax (IHT) bills rose by £400m last year, passing the £5bn mark for the first time since 1980. A report issued by HMRC on 22 May 2018 showed the record high.

This was despite the introduction of a new allowance that enables couples to pass on a family home worth up to £900k tax-free. IHT receipts have been rising steadily for the past eight years as soaring property prices in London and the South East drag more estates into the tax net.

Think about your bigger picture

We talk about inheritance tax with all our clients at Cooper Parry Wealth, as part of our BiggerPicture™ Advice process. And there’s lots you can be doing to shrink your liability.

There are constant changes to IHT to be aware of. Last April, the government announced a new “residence nil-rate” band, meaning there’s an extra £100k allowance per person for family homes passed to children or grandchildren.

Are you concerned about IHT? Get in touch with our Tax and Estate manager, Charn Bains.  She’ll let you know about some easy wins.