The amount of inheritance tax paid by families continues to rise, with experts now warning households to 'give money away' to avoid paying the new tax rule
HM Revenue and Customs has unveiled data indicating that inheritance tax receipts have hit £5 billion in the seven months from April to October 2024. This represents a rise of £0.5 billion compared to the same timeframe in the previous tax year, maintaining the upward trajectory observed over the past two decades.
3. Qualifying AIM shares will no longer have full exemption from IHT; instead, from 2026 they will have an inheritance tax rate of 20% if held for two years, reports the Express. He added, "We believe all the changes to inheritance tax made in the Budget are extremely short-sighted. Firstly, the tax burden is already at its highest in 70 years and growth is very low. More tax is likely to stifle growth further. Secondly these changes have given those affected no time to plan."
Davies suggests that those worried about inheritance tax should consider giving out money early as one way to avoid it. Gifts taken from regular income that don't affect the giver's lifestyle are free from inheritance tax immediately, as are certain smaller gifts.
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