Inheritance tax raid up by £600MILLION - as they are set to exceed £8billion by end of financial year
3 months, 1 week ago

Inheritance tax raid up by £600MILLION - as they are set to exceed £8billion by end of financial year

Daily Mail  

Bereaved families paid a staggering £5.7billion in inheritance tax in just eight months of this year. The year-on-year increase means inheritance tax bills look likely to exceed £8billion this financial year. Families paid £7.6billion in inheritance tax in the last financial year, up from £7.1billion the year before. A series of changes announced by Chancellor of the Exchequer Rachel Reeves in her October Budget will draw even more legacies into the net Families paid £7.6billion in inheritance tax in the last financial year, up from £7.1billion the year before A series of changes announced by Chancellor of the Exchequer Rachel Reeves in her October Budget will draw even more legacies into the net.

Tax Inheritance Inheritance Tax Financial Year  changes  families  threshold  set  8billion  exceed  600million  reeves  end  raid  financial  inheritance  paid  series  estates  tax

History of this topic

Inheriting is becoming nearly as important as working
3 weeks, 6 days ago

Inheriting is becoming nearly as important as working

Live Mint  

Work hard, children are told, and you will succeed. Whether a young person can afford to buy a house and live in relative comfort is determined by inherited wealth nearly as much as it is by their own success at work. And housing wealth has rocketed in recent decades, especially in apex cities like London, New York and Paris. To …

Leaving money to charity in your will: How to create a legacy and cut IHT bill
2 months, 2 weeks ago

Leaving money to charity in your will: How to create a legacy and cut IHT bill

Daily Mail  

What's your favourite charity? Cutting your inheritance tax bill Not only are gifts to charity exempt from inheritance tax, if you leave a tenth or more of your net estate to good causes you can cut the bill your beneficiaries will have to pay. 'If you plan to leave 10 per cent of your net estate to charity to qualify …

The rule change that means you CAN avoid inheritance tax: Here's everything you need to know about the new loophole that's opening up - and whether it's right for you
3 months, 3 weeks ago

The rule change that means you CAN avoid inheritance tax: Here's everything you need to know about the new loophole that's opening up - and whether it's right for you

Daily Mail  

No matter how much you hate inheritance tax or believe it to be unfair, there is little you can do to protect your loved ones from paying it on significant assets you pass down to them. Hundreds of thousands of Britons already abroad may now find themselves exempt from paying UK inheritance tax without realising it – as this little-known …

Raising inheritance tax on AIM shares will CUT Treasury revenues by £2.2bn analysts claim
4 months ago

Raising inheritance tax on AIM shares will CUT Treasury revenues by £2.2bn analysts claim

Daily Mail  

Autumn Budget changes to inheritance tax charged on investments in small UK firms could result in Treasury revenues shrinking by £2.2billion a year, analysts have warned. But research from broker Peel Hunt suggests an imbalance between IHT charged on private assets versus stocks in the Britain's junior stock market could hammer the Treasury's tax take. Downbeat: The AIM market has …

Inheritance tax reforms having ‘chilling effect’ on Scottish farming – Swinney
4 months, 2 weeks ago

Inheritance tax reforms having ‘chilling effect’ on Scottish farming – Swinney

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Inheritance tax reforms introduced in the Chancellor’s Autumn Budget are …

Farmers exaggerating impact of inheritance tax raid on land, Environment Secretary suggests
4 months, 2 weeks ago

Farmers exaggerating impact of inheritance tax raid on land, Environment Secretary suggests

The Telegraph  

Sir Keir Starmer also said the “vast majority” of farmers would be unaffected by the changes. “The vast majority of farmers will be unaffected by the changes in the Budget not least because if there’s a married couple the relief is £3 million and that’s why the vast majority of farmers will not be affected at all.” Atkins: ‘Farmers are …

We face a £1m tax bill when my parents die – we don’t have that kind of money
4 months, 3 weeks ago

We face a £1m tax bill when my parents die – we don’t have that kind of money

The Independent  

For five generations, my family has farmed sheep and arable crops on our land in Yorkshire. By our calculations, even using personal allowances, the chancellor’s proposal could hit us with a tax bill of nearly £1m when my parents die. To pay a tax bill like that, we’d probably have to either borrow the money – plunging the business into …

My 250-acre farm has been in our family for four generations, but we now face a £400,000 inheritance tax bill and may be forced to give it up... this is the final nail in the coffin
4 months, 3 weeks ago

My 250-acre farm has been in our family for four generations, but we now face a £400,000 inheritance tax bill and may be forced to give it up... this is the final nail in the coffin

Daily Mail  

Struggling farmers have accused Labour of 'lying' and said inheritance tax changes are the 'final nail in the coffin' as they react angrily to Chancellor Rachel Reeves' Autumn Budget. Andrew Smith, 56, said the move to introduce a 20 percent inheritance levy on farm assets above £1 million marks a 'betrayal' by the Labour government Mr Smith said the new …

My family have farmed this land for 100 years and fed generations of Britons - but now we could be forced to sell it because of Labour's new tax rules
4 months, 3 weeks ago

My family have farmed this land for 100 years and fed generations of Britons - but now we could be forced to sell it because of Labour's new tax rules

Daily Mail  

A devastated farmer whose land has been passed down through generations has told of how his family could face an inheritance tax bill of almost £2million. Kim Gower, who owns Blandred Farm in Folkestone, Kent, is equally aghast and fears the new inheritance tax could force the family to sell off a fifth of their land. Mr Twyman inherited the …

Inherited pensions could see 'double tax hit' of up to 70.5%: How it works and what new rules mean for YOU
4 months, 3 weeks ago

Inherited pensions could see 'double tax hit' of up to 70.5%: How it works and what new rules mean for YOU

Daily Mail  

Wealthy families could face a 'double tax hit' on inherited pensions of up to 70.5 per cent under new rules announced in the Budget. They have therefore become widely used as a way to pass wealth down the generations, and are often spent last by people whose estates could be hit by inheritance tax at 40 per cent. This is …

Tricks to squeeze every last drop from your pension - and stop the Budget taking a tax bite
4 months, 3 weeks ago

Tricks to squeeze every last drop from your pension - and stop the Budget taking a tax bite

Daily Mail  

Experts say the golden rules of retirement income planning now need to be thrown out the window after Rachel Reeves Budget this week Chancellor Rachel Reeves dropped a pension reform bombshell in Wednesday’s Budget so dramatic that experts say the golden rules of retirement income planning now need to be thrown out the window. For years, they have been funnelling …

Farmers will have to stump up hundreds of thousands of pounds, Tories claim
4 months, 4 weeks ago

Farmers will have to stump up hundreds of thousands of pounds, Tories claim

The Independent  

Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Get our free Climate email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Shadow business secretary Kevin Hollinrake warned Labour MPs who intend to have a pint in a local pub and …

Why inheritance tax changes for pensions means a double hit for beneficiaries
4 months, 4 weeks ago

Why inheritance tax changes for pensions means a double hit for beneficiaries

The Independent  

Inheritance tax is an odd one; many worry about it but only a tiny minority ever end up paying it. Unspent pension savings do not currently count towards the IHT threshold, creating an incentive for wealthy individuals to save through pensions as a means of lowering their kids’ bills. For families inheriting larger pension pots, this will lead to significant …

Budget 2024: Five key tax takeaways at a glance
4 months, 4 weeks ago

Budget 2024: Five key tax takeaways at a glance

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Rachel Reeves makes Budget speech, 30 October 2024 Taking the …

Pensions to be brought into inheritance tax scope, says Reeves
4 months, 4 weeks ago

Pensions to be brought into inheritance tax scope, says Reeves

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Chancellor Rachel Reeves said she will close the “loophole” …

Families face inheritance tax raid on pensions - what it means for your wealth
4 months, 4 weeks ago

Families face inheritance tax raid on pensions - what it means for your wealth

Daily Mail  

Inheritance tax: Pensions will be included in the assets that count towards death duties from April 2027 Chancellor Rachel Reeves has launched an inheritance tax raid on savers in the Budget by making pensions liable for the levy. Pensions will be included in the assets that count towards 40 per cent inheritance tax from April 2027, throwing family legacy plans …

Budget 2024: What the inheritance tax rise means for you
4 months, 4 weeks ago

Budget 2024: What the inheritance tax rise means for you

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

Will pension savers get slapped with a 'death tax' in the Budget and what would it mean for you?
5 months ago

Will pension savers get slapped with a 'death tax' in the Budget and what would it mean for you?

Daily Mail  

Generous rules: Pensions are not included in the assets that count towards inheritance tax at present Pensions are not included currently in the assets that count towards inheritance tax, but that could change in any major Budget overhaul. People will be more likely to spend pensions in their lifetime 'The inheritance tax treatment of defined contribution pensions is currently very …

Inheritance tax already up 10 per cent as Reeves looks to squeeze levy in Budget, official figures show
5 months ago

Inheritance tax already up 10 per cent as Reeves looks to squeeze levy in Budget, official figures show

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} Britons are already …

Labour’s lost love for our cultural heritage
5 months, 1 week ago

Labour’s lost love for our cultural heritage

The Independent  

So, Sir Keir Starmer is putting the Downing Street portrait of Shakespeare in storage – a bit of a blow for our cultural heritage! Just as Boris Johnson evoked the image of the ebullient Falstaff, a party man if ever there was one, so does Starmer exemplify the portrait of the charmless, rather feeble Justice Shallow from Shakespeare’s canon. Emma …

Rachel Reeves warned inheritance tax plans will backfire
5 months, 1 week ago

Rachel Reeves warned inheritance tax plans will backfire

The Telegraph  

The Labour manifesto promised that the party would “not increase taxes on working people” and Ms Reeves now appears to be struggling to raise enough within those constraints. The Chancellor is also expected to target inheritance tax in the budget by attempting to raise £1billion by removing exemptions for businesses and agricultural land. Nullifying the change However, Maxwell Marlow, director …

Budget backlash intensifies as Rachel Reeves warned over inheritance tax hike
5 months, 1 week ago

Budget backlash intensifies as Rachel Reeves warned over inheritance tax hike

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Chancellor Rachel Reeves has been warned that her plan to hike …

The real problem facing Rachel Reeves over inheritance tax...
5 months, 1 week ago

The real problem facing Rachel Reeves over inheritance tax...

The Independent  

Suitably, as Halloween approaches, the “death tax” is spooking Britain again. The pre-Budget scuttlebutt suggests inheritance tax is in Rachel Reeves’s sights as she battles to plug a fiscal black hole that could be as high as £40bn. HM Revenue & Customs figures for the 2021-22 tax year show that just 4.39 per cent of UK estates – 27,800 – …

Inheritance tax to rise in Budget as Reeves plans to hit well-off
5 months, 1 week ago

Inheritance tax to rise in Budget as Reeves plans to hit well-off

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Unfortunately it looks like it will be people who have …

Starmer’s blueprint for a tax war on pensioners
6 months, 4 weeks ago

Starmer’s blueprint for a tax war on pensioners

The Telegraph  

Figures from the Office for Budget Responsibility show that in 2010, when David Cameron defeated Gordon Brown, pensioner benefits cost the Treasury just under £86 billion. Stuart Adam, senior economist at the independent Institute for Fiscal Studies, says: “Overall, on average, the older generation, the baby boomers, have done quite well out of the economy and have done quite well …

Rachel Reeves urged to launch £2bn inheritance tax raid on pension pots
8 months, 1 week ago

Rachel Reeves urged to launch £2bn inheritance tax raid on pension pots

The Telegraph  

David Sturrock, an economist at the IFS, said: “The current system gives an incentive to hold on to pension wealth and use other assets to fund retirement. “In terms of the inheritance tax revenues that would be gained from bringing pension pots into inheritance tax, the impacts now would be modest. Introducing IHT would mean taxing pension pots in the …

Labour considering inheritance tax raid to ‘redistribute’ wealth
8 months, 3 weeks ago

Labour considering inheritance tax raid to ‘redistribute’ wealth

The Telegraph  

The number of estates subject to inheritance tax is projected to increase by 50 per cent in the next five years, as the thresholds at which the tax is payable have been frozen while house prices continue to rise. The Telegraph has previously reported that, at the same meeting, he was recorded saying that Labour’s green energy plans would cost …

Anne Robinson ‘gives away £50m fortune’ to avoid inheritance tax
10 months, 1 week ago

Anne Robinson ‘gives away £50m fortune’ to avoid inheritance tax

The Telegraph  

Anne Robinson has said she has given her £50 million fortune away to her family to avoid inheritance tax. ‘Good health and family happiness’ Robinson claimed to have “no idea” how much she was worth but conceded she did not “want for much”. “I can’t think there’s anything I really want except my good health and the family happiness,” she …

An inheritance tax will help reduce inequality
10 months, 2 weeks ago

An inheritance tax will help reduce inequality

The Hindu  

A remark by Chairman of Indian Overseas Congress Sam Pitroda on implementing an inheritance tax as a tool of wealth redistribution has sparked massive debates. An inheritance tax differs from a wealth tax in two ways: it is intergenerational and levied once in a lifetime. A variant of the inheritance tax, called estates duty, was levied in India between 1953-1985 …

Inheritance Tax Re-Introduction: 4 effective succession planning tips for HNIs
10 months, 3 weeks ago

Inheritance Tax Re-Introduction: 4 effective succession planning tips for HNIs

Live Mint  

The recent news on the re-introduction of inheritance tax has made a lot of people panic. However, inheritance tax might be only applicable to families and individuals whose estate value exceeds a certain threshold limit. The reduced estate value may fall below the threshold that triggers inheritance taxes, or at least lower the total tax liability,” said Sneha Makhija - …

Pitroda’s remarks put spotlight on inheritance tax decades after it was scrapped
11 months ago

Pitroda’s remarks put spotlight on inheritance tax decades after it was scrapped

Hindustan Times  

Congress leader Sam Pitroda’s comments calling inheritance tax in parts of the United States interesting legislation has triggered a fresh political row amid the ongoing national polls. He said the Congress plans to tax inheritance from parents to their children even as the opposition party maintained Pitroda did not represent its position. Inheritance tax is back in the news 39 …

Hunt warns against fuelling inflation but hints at tax cuts for businesses
1 year, 4 months ago

Hunt warns against fuelling inflation but hints at tax cuts for businesses

The Independent  

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. But we …

Jeremy Hunt considering squeezing benefits while cutting inheritance tax
1 year, 4 months ago

Jeremy Hunt considering squeezing benefits while cutting inheritance tax

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Conservative former chancellor Lord Clarke said the move may …

No 10 ‘considers scrapping inheritance tax’ in bid to save Tory seats
1 year, 8 months ago

No 10 ‘considers scrapping inheritance tax’ in bid to save Tory seats

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Downing Street is reportedly holding talks about scrapping inheritance tax as …

Tips on using your pension to help reduce inheritance tax
1 year, 11 months ago

Tips on using your pension to help reduce inheritance tax

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Inheritance tax can eat into the savings you want to …

Labour consider inheritance tax rise in further raid on middle classes
2 years ago

Labour consider inheritance tax rise in further raid on middle classes

The Telegraph  

The Labour Party is considering raising inheritance tax in a further raid on the middle classes, The Telegraph understands. A change to inheritance tax would come on top of other plans by Labour, including reversing the Government’s plan to abolish the lifetime cap on tax-free pension savings and cancelling tax breaks for private schools. Labour’s “grey book”, which it published …

Can I keep my house in the family despite an inheritance tax bill?
2 years ago

Can I keep my house in the family despite an inheritance tax bill?

Daily Mail  

I would like to leave my house to my grandson but as it stands at the moment financially he would not be able to pay the inheritance tax. This can cause a financial headache for the person dealing with the estate, as it means money must be found to pay the inheritance tax bill before probate is granted and the …

How does inheritance work in the royal family?
2 years ago

How does inheritance work in the royal family?

The Independent  

Stay ahead of the curve with our weekly guide to the latest trends, fashion, relationships and more Stay ahead of the curve with our weekly guide to the latest trends, fashion, relationships and more Stay ahead of the curve with our weekly guide to the latest trends, fashion, relationships and more SIGN UP I would like to be emailed about …

Households paid an average of £821 more in tax in the first nine months of year
2 years, 2 months ago

Households paid an average of £821 more in tax in the first nine months of year

Daily Mail  

Households paid an average of £821 more in tax in the first nine months of the year, analysis showed today. Official figures revealed the surge in the personal tax bill for Britons as Jeremy Hunt prepares to defy Tory calls for early tax cuts. Official figures revealed the surge in the personal tax bill for Britons as Jeremy Hunt prepares …

Jeremy Hunt move will make more people pay inheritance tax
2 years, 4 months ago

Jeremy Hunt move will make more people pay inheritance tax

The Telegraph  

Jeremy Hunt is set to announce a new tax raid on inheritance as he battles to balance the books at next week’s Autumn Statement. The Chancellor and Rishi Sunak are understood to have agreed to freeze the threshold above which people must pay tax for another two years. It means that more people will have to pay inheritance tax. A …

Can I cut a property inheritance tax bill once probate has begun?
2 years, 11 months ago

Can I cut a property inheritance tax bill once probate has begun?

Daily Mail  

My family were forward thinking and took as many steps as we could to reduce the inheritance tax bill before my parents passed away. There are several ways to reduce your inheritance tax bill once the probate process has begun MailOnline Property expert Myra Butterworth replies: While measures may have been taken while your parents were still alive to minimise …

Budget 2019: Is it feasible to reintroduce inheritance tax in India?
5 years, 8 months ago

Budget 2019: Is it feasible to reintroduce inheritance tax in India?

India Today  

As Nirmala Sitharaman gets ready to present her maiden budget on July 5, speculation is rife that inheritance or estate tax may make a comeback. For instance, the rich donate a substantial amount towards charity at present and the introduction of inheritance tax could lead to a declining trend in such donations. One may argue that developed countries such as …

Budget 2019: Finance ministry may eye rich pickings with an estate tax
5 years, 8 months ago

Budget 2019: Finance ministry may eye rich pickings with an estate tax

Live Mint  

New Delhi: As the government prepares to present its first budget with an expected slant on welfare spending, finding the money for it may become easier if a proposal debated in the finance ministry in recent weeks finds acceptance—an inheritance tax. Though hard to administer and a move that may risk alienating the rich, an inheritance or estate tax that …

£15bn worth of inheritance goes unclaimed, figures show
5 years, 10 months ago

£15bn worth of inheritance goes unclaimed, figures show

The Independent  

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. With more …

Under-45s expect £1.2 trillion in inheritance, but parents don’t trust them with it
6 years, 4 months ago

Under-45s expect £1.2 trillion in inheritance, but parents don’t trust them with it

The Independent  

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. Inheritance, or …

If we’re serious about tackling wealth inequality, we need to tackle aristocratic trust funds
7 years, 4 months ago

If we’re serious about tackling wealth inequality, we need to tackle aristocratic trust funds

The Independent  

The best of Voices delivered to your inbox every week - from controversial columns to expert analysis Sign up for our free weekly Voices newsletter for expert opinion and columns Sign up to our free weekly Voices newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Given the current rules state that …

Ten ways to avoid inheritance tax legally
7 years, 5 months ago

Ten ways to avoid inheritance tax legally

Daily Mail  

Inheritance tax at 40 per cent is paid by a relatively small but growing number of people's estates. If you die before the seven years are up, inheritance tax is levied on a sliding scale - starting at the full whack of 40 per cent if it's within the first three years. However, trustees have to assess the holdings for …

HMRC comes under fire as inheritance tax bill rises by 23% in three months
7 years, 8 months ago

HMRC comes under fire as inheritance tax bill rises by 23% in three months

The Independent  

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. “It’s clear …

Inheritance tax should be scrapped – it's unpopular and barely raises any money
8 years, 11 months ago

Inheritance tax should be scrapped – it's unpopular and barely raises any money

The Independent  

The best of Voices delivered to your inbox every week - from controversial columns to expert analysis Sign up for our free weekly Voices newsletter for expert opinion and columns Sign up to our free weekly Voices newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. The amount of political trouble inheritance …

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