2022 UK inheritance tax revenue hits record £6bn due to frozen thresholds and rising property prices.
Inheritance tax (IHT) in the UK has seen a revenue increase, collecting a record £6 billion in 2022, largely due to frozen thresholds and rising property prices. The tax applies at 40% on estates exceeding £325,000 for singles or £650,000 for couples, with an additional £175,000 allowance for homes left to direct descendants. With potential government changes on the horizon, many families are concerned about their tax liabilities and are seeking ways to mitigate IHT through planning.
September 21, 2024
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