Inheritance Tax (IHT) receipts were up according to the latest HM Revenue and Customs (HMRC) data – showing the Government collected £1.5billion in the levy between April and June. This was £400million more than for the same period a year earlier. With IHT allowances frozen by Mr Sunak in the Budget, there have been concerns that more people are set to pay the levy as inflation impacts their estate.
He added: “If an individual really wants to go to town with Inheritance Tax planning, then they could really make significant savings.
“Often it does require that planning ahead, many years in advance – time is a really important factor.
“In this sense, that can be one of those big mistakes people can make, is leaving it until too late to review things.”
Thankfully, there are a number of steps individuals can take in efforts to reduce their Inheritance Tax bill.
Mr Rushton explained: “There really are some actions which are essentially the foundation to any Inheritance Tax mitigation strategy.
“It’s important to make use of all of, or as much of, the allowances and the…
