HM Revenue & Customs (HMRC) have recently today published its latest HMRC & NIC Receipts, which revealed that inheritance tax (IHT) receipts hit £3.7bn in the first eight months of the tax year and are on course to hit record levels in 2018/19.
The statistics highlighted that receipts for April to November 2018 are 0.2 per cent higher than in the same period last year. However, during April and May 2017, IHT receipts were unusually high, which HMRC said was due to a number of contributing factors, including an increase in the number and value of payments.
Commenting, NFU Mutual chartered financial planner Sean McCann said: “Inheritance tax is deeply unpopular and fiendishly complicated. Recent changes have just added to the problem and in many instances the complexity of the rules means that families are missing out.
“Some people will give substantial amounts of money to family members this Christmas which can also have inheritance tax benefits. The latest numbers from HMRC show people are passing on more and more to the taxman rather than their loved ones.”
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