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According to law firm Wilsons inheritance tax receipts jumped to £4.6bn in the year to February 2016.
Inheritance tax receipts jumped to £4.6bn in the year to February 2016, up 21% from £3.8bn in the previous year, according to law firm Wilsons.
Tim Fullerlove, partner, said: ‘With the increasing value of property, it is no longer just the large windfalls of inheritance from estates that are being taxed. As the threshold has stayed at a fixed rate for almost seven years, individuals who were not originally intended to be taxed are now facing significant bills because of the rise in property prices.’
Despite the record inheritance tax take, Wilsons said the government is planning to increase probate fees. Under the proposals, estates worth more than £2m would pay £20,000 for probate instead of the current £215, for example.
