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IHT revenues hit record high

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IHT receipts hit a new record high of £5.3 billion in 2017/18, buoyed by several years of inflation in residential property and other asset prices, and the freeze on the IHT threshold at £325,000. This represents a 13% increase over the £4.7 collected in 2017/18.

Torsten White, partner at private client law firm Wilsons, suggests a number of tax-efficient estate planning steps individuals can take, including:

  • gifts from ‘surplus income’, as regular gifts made out of annual post-tax income can be IHT-free provided certain criteria are met;
  • gifts or loans to help children or grandchildren buy properties;
  • making the best use of pensions as tax-planning vehicles; and
  • taking advice to structure wills in a tax-efficient way.
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