Increases in Inheritance Tax Receipts
The amount paid in inheritance tax (IHT) has continued to climb, reaching £5.2bn in 2017/18, despite the recent introduction of a nil-rate band for family homes.
Latest figures from HM Revenue & Customs (July 2018) showed the amount paid in IHT increased 8% of the previous year, making this the eighth consecutive year where receipts have gone up.
The average tax paying male-owned estate has a tax liability of £182,000, with female’s estates having to pay on average £176,000.