In its latest Tax and NIC Receipts update, HM Revenue & Customs (HMRC) revealed a steep increase of 11.2 per cent in the amount of inheritance tax (IHT) taken from people’s estates in April, compared to April 2018.
The most recent data highlighted that £473m was taken last month as the surge in receipts in March appears to have continued into the current tax year, with NFU Mutual chartered financial planner Sean McCann noting that last year’s “record haul of £5.4bn already looks like it could be surpassed”.
McCann said: “While some of the increase will have been due to families rushing through the paperwork to beat the threatened probate fee hike, this has been more than offset by the fall in both house prices and share values over the past twelve months.
“HMRC is more willing to challenge valuations and investigate claims for reliefs and many families are paying the price.”
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