HMRC's overall wealth in inheritance tax receipts from April 2023 to August 2023, a significant increase compared to the same period a year earlier. The new data comes during a period in which IHT personal allowance thresholds have been frozen until at least 2028, dragging thousands more families into the tax net as inflation and house prices rise. t look set to change anytime soon, according to Laura Hayward, tax partner at wealth management growth Evelyn Partners. It is likely to be the result of allowances being frozen until at least 2028, combined with inflationary growth of asset values.
Using trusts and getting growth on this money outside your estate from day one can help you with this, while maintaining control and access, depending on the type of trust you choose. Using multiple trusts at different financial life stages can greatly assist in your financial planning journey. Ms. Peake said that it is important to keep an up-to-date will. By enacting exemptions and making exempt gifts, it will also lower your estate and a professional adviser can help you understand the ways you might be able to manage any inheritance tax liability.