UK inheritance tax receipts rise by £0.5 billion, with experts advising on strategies to mitigate future taxes.

HM Revenue and Customs reported a £5 billion in inheritance tax (IHT) receipts from April to October 2024, up £0.5 billion from the previous year. The Autumn Budget extended the IHT threshold freeze until 2030, with experts advising early gifting to avoid future tax changes. Alex Davies, CEO of Wealth Club, warns these changes could increase the tax burden and advises strategies like gifting and investments to reduce IHT. Critics argue the budget missed an opportunity to reform IHT rules, suggesting a longer deadline for payments to ease the burden on bereaved families.

November 24, 2024
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