Receipts break £5bn mark for first time

A record-breaking £5.1bn inheritance tax was collected by HMRC in the year to 31 May 2017. This represents a 9% on the previous year’s £4.7bn.

The steadily growing value of residential property and the freeze on the threshold at £325 000 have resulted in more estates being liable for the tax said law firm Wilsons.

Tim Fullerlove partner said: ‘A substantial amount of wealth is now being taken by the government through inheritance tax. It is important that people start planning as early as possible how they mean to pass their wealth on to their children or grandchildren. If they do not do this families could face large inheritance tax bills.’

Agreeing that May was notable for a landmark in inheritance tax receipts Paul Haywood-Schiefer assistant manager at Blick Rothenberg said these have been fairly modest historically but this is unlikely to...