IHT take at record level (economia)



HMRC took a record level of inheritance tax (IHT) in April, according to research from Wilsons, the private client law firm.

In April, the Revenue collected £397m in IHT, well over the average £260m collected in the average month over the last 10 years. In the three months ending May 2015, HMRC collected £1bn in IHT. This is the highest three-month total since the three months leading to the end of August 2007, when it took £1.1bn. While the Treasury has made recent moves to lower the IHT tax burden, Wilsons said that proposed reforms will add complexity to IHT, and could distort the housing market. As they stand, the reforms would raise the IHT tax-free threshold to £1m for a main residence transferred to children or grandchildren by a married couple or civil partners. For all other taxpayers, the IHT tax-free band would remain at £325,000. 


Visit the economia website to read the full article.