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Inheritance tax 'mistakes' to watch out for as HMRC receipts hit £7.5bn | Personal Finance | Finance

A rising number of families are being dragged into the inheritance tax net, but there are ways to reduce the bill.

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Inheritance tax reciepts: The UK area paying more than Wales and Northern Ireland | Personal Finance | Finance

Variations in house prices could answer for the sharp contrast between inheritance tax bills across the regions of Great Britain.

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Inheritance tax threshold freeze is costing families almost £62,000 | Personal Finance | Finance

The inheritance tax (IHT) threshold has been frozen since 2009, despite soaring inflation and house prices.

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Inheritance tax: HMRC rakes in £7.1bn in IHT receipts - 'simple' ways to slash bill | Personal Finance | Finance

HMRC raked in a record £7.1billion in inheritance tax receipts in the year to March 2023, which is £1billion higher than the last tax year.

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Inheritance tax: Key gifting rules 'worth being aware of' to avoid a tax hit | Personal Finance | Finance

While inheritance tax allowance thresholds controversially remain frozen, an expert shares the ways to reduce the potential of a sizeable tax burden.

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TV Licence: BBC fee and Inheritance Tax should be 'scrapped' by Rishi Sunak in Budget | Personal Finance | Finance

| UPDATED: 14:18, Tue, Mar 2, 2021
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TV licence payments must be met by more people going forward as free licences were removed for over 75s unless they are in receipt of Pension Credit. This was a move which created much controversy, leading to many calling for the fee to be scrapped. A similar stance is taken by some when it comes to Inheritance Tax, payable on the estate of someone who has passed away.

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Inheritance Tax reclaims reach six-year peak - threshold and rate on HMRC levy explained | Personal Finance | Finance

INHERITANCE TAX is a levy on the estate - meaning the property, money, and possessions - of a person who has died. It's not something which will always apply, and in the cases that it does, some may be able to submit a reclaim.

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Money Talk: How does Inheritance Tax work? Experts answer IHT threshold questions | Personal Finance | Finance

| UPDATED: 21:54, Wed, Feb 17, 2021
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Recently, John* wrote to Express Money after the sad loss of his father. In the first instalment of Money Talk, Julia Rosenbloom, tax partner at Smith & Williamson, and Carole Benn of Carole Benn Wealth Management Ltd (part of St. James's Place Wealth Management) shared their expertise and gave their suggestions for John, following his Inheritance Tax question.

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Rishi Sunak to 'reform' taxes in March budget - impact on IHT, CGT & wealth taxes explored

| UPDATED: 14:38, Wed, Jan 20, 2021
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Inheritance tax, CGT and other taxes may be radically overhauled in the coming months as Rishi Sunak is forced to address public spending. The Government has built up a huge debt to pay for the various coronavirus support measures and many are expecting the Chancellor to make announcements on this in the March budget.

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Inheritance Tax UK: How Britons can eliminate a significant IHT bill - actions to take | Personal Finance | Finance

| UPDATED: 15:23, Wed, Jan 20, 2021
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Inheritance tax is payable on the estate of someone who has passed away, and is set at 40 percent above a particular threshold. Generally, this threshold is set at £325,000, but can vary dependent on a person’s circumstances. For those who are left behind with a tax bill to meet, the burden can often be significant, and many will be looking for ways to reduce, or even eliminate their tax liabilities.

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