Inheritance tax receipts shot up by £400m between April and September compared with the same period last year, new government figures show. Read this, the rest of today's personal finance and consumer news, and watch our latest New Money video below.
Inheritance tax receipts shot up by £400m between April and September compared with the same period last year, new government figures show.This meant a record haul for the Treasury of £4.3bn.One of the main reasons is that, while everything else has been going up due to inflation, the threshold at which people start paying inheritance tax has been frozen.
How could it change?People, for example parents, can gift someone large sums and, as long as they don't die within seven years, it won't incur any inheritance tax.'If the pre-budget rumour mill is to be believed, the chancellor is contemplating extending the length of time you have to wait for gifted assets to be exempt from IHT from the current seven years, perhaps to 10 years,' said Mr Halberda.
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