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READ MORELatest IHT stats raise 'cries for reform' and spectre of COVID tax rise
Two financial experts explore the latest UK inheritance tax statistics which show receipts up by 4 per cent to £5.4bn for 2021 while inevitably raising the prospect of whether the nil rate band or the 40 per cent will be upped to help pay off the massive borrowing to tackle Covid-19.
Richard Bull, private clients partner at Crowe highlighted how the headline fall in IHT receipts in 2019/20 has now reversed: "This is interesting as the previous drop in 19/20 from 18/19 was attributed to the incremental increase in the residential nil rate band, going from £125,000 to £150,000. Despite increasing by a further £25,000 in 2020/21 to £175,000, IHT receipts still increased showing that asset growth outstripped the extra benefit of the allowance by some margin.
Read more at International Investment.
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