IHT receipts were £85m higher last month than they were at the same point in 2023, new figures from HMRC reveal.
Inheritance tax receipts were £85m higher in April 2024 than in April 2023. Insurance premium tax receipts on track to reach record levels this yearInheritance tax receipts and the take from insurance premium tax are on track to reach record levels this year.
RELATED ARTICLES Share this article Share HOW THIS IS MONEY CAN HELP Britons paid £700m in IHT in April Households collectively paid £700million in IHT last month - this is £85million, or 7.2 per cent, more in IHT than a year ago, analysis of HMRC figures show. Read More 10 ways to avoid inheritance tax: How to stop the taxman grabbing some of your estate 'The Office for Budget Responsibility forecasts that the share of deaths resulting in the payment of inheritance tax will rise to 6.3 per cent by 2028–29, the highest level since the 1970s.'The haul for the Treasury from IHT is likely to escalate in the coming years due to a particular demographic bump.
Moore said one of the measures that could help alleviate the tax burden could be to reduce the inheritance tax rate to 30 per cent. In essence, you need to be worth £325,000 if you are single, or £650,000 jointly if you are married or in a civil partnership, for your loved ones to have to stump up death duties.
Insurance premium tax receipts rise sharplyIPT receipts came in at £615million in April, which is 12 per cent higher than April 2023, and represents the highest total receipts recorded for this period.IPT is a tax on general insurance premiums and for most policies, it is charged at 12 per cent. It's relevant if, for example, you drive a car, own a pet or have a roof over your head.
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