IHT Revenues Bolstered by Tax Freeze
IHT revenues have recovered this year, hitting £3.42 billion in 2013-14, the highest amount since 2007-8. The way IHT was calculated changed in 2007, following the introduction of the Transferable Nil Rate Band – which was slanted as a tax cut. A combination of rising house prices, recovery in investment markets and the Nil Rate Band freeze has helped IHT revenues recover. Careful planning is vital to ensure that any assets are passed on in the most tax efficient way possible. For more information about IHT planning please get in touch.