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Inheritance Tax Update - £3 billion in Inheritance Tax paid last year

Official figures released recently highlight that families have paid more than £3 billion in Inheritance Tax last year, the highest amount in the last 6 years.

According to the Office for National Statistics, IHT payments steadily increased during 2007/2008, but fell due to the recent economic crisis.

However, the recovery in property prices, household savings and equities has heavily contributed to the recent increase of IHT payments.

The current freeze in the nil-rate band has also dragged more estates over the Inheritance Tax threshold, which stands at £325,000 until at least April 2018.

With the tax-free threshold frozen for a number of years and the housing market entering a wider recovery, Inheritance Tax payments are set to rise even further.

With Inheritance Tax affecting more and more of us, there are a number of strategies that can help keep your IHT liability to a minimum. Click here, for more information to help you keep control of your money.

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