Common IHT invoice nears £180,000

The typical inheritance tax (IHT) invoice is nearing
£180,000, authorities figures present.

Knowledge printed by HMRC exhibits practically £5.4bn was collected
in inheritance tax in 2018/19, an increase of 57% in 5 years.

London and the South East are contributing an unlimited proportion
of the invoice. The typical IHT invoice in London was greater than £225,000 final yr,
in comparison with simply over £125,000 in Wales.

Sean McCann, Chartered Monetary Planner at NFU Mutual,
mentioned the complexity of IHT guidelines leaves many fearful and confused about how
greatest to move their wealth onto their households.

“A simplification of IHT is lengthy overdue,” he argued. “Many
of the exemptions and guidelines on gifting haven’t modified in additional than 30 years
and are poorly understood, we'd like an easier system to assist households plan their
funds.”

He added that HMRC has change into extra keen to
problem valuations and examine claims for reliefs.