Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Inheritance Tax Receipts reach £5.3 billion in the months from April to December 2022

by January 24, 2023
January 24, 2023
Inheritance Tax Receipts reach £5.3 billion in the months from April to December 2022

Figures released by HMRC today show that the Treasury raked in £5.3 billion in inheritance tax receipts in the months from April to December 2022. This is £700 million more than in the same period a year earlier, continuing the upward trend.

The government’s inheritance tax take seems to be increasing thanks largely to years of house price increases, especially in London and the south-east, pushing families that wouldn’t probably consider themselves wealthy, over the threshold. In the Autumn Statement in November it was also announced that the inheritance tax threshold of £325,000 will be frozen until April 2028.

The revenue generated from inheritance tax plays an important part in the government’s spending programme. While the average bill was £216,000 in 2019/20, research conducted by Wealth Club shows the average inheritance tax bills could reach £304,567 by 2025-26 and £345,084 by 2027-28.

Alex Davies, CEO and Founder of Wealth Club said: “Contrary to popular belief, inheritance tax doesn’t just affect the super-rich, many who would not consider themselves wealthy at all will also bear a considerable burden. Rampant inflation and years of frozen allowances and soaring house prices mean many more families will find themselves hit with a hefty inheritance tax bill which they might not have envisaged or planned for.

“No one likes to pay more tax than they need to and Inheritance tax is probably the most hated of all taxes. But with a little planning, there are a number of perfectly legitimate ways to reduce your liability. Pensions can be passed on to the next generation relatively tax efficiently. The greatest IHT threat probably comes from where you least expect it: your ISA. Contrary to what many think, ISAs are not IHT free. So, if you do nothing, up to 40% of your long-term savings could eventually be eaten up by tax. An alternative is to invest in an AIM ISA, a managed portfolio of AIM shares that can be IHT free after two years. You still get the ISA benefits of tax-free income and growth for as long as you live, but you don’t need to worry about IHT on top.

And if you are prepared to take more risk, consider investing in early-stage businesses through EIS and SEIS. Not only are they very tax efficient, but also your money goes to entrepreneurial companies, which is great for economic growth and job creation.”

Read more:
Inheritance Tax Receipts reach £5.3 billion in the months from April to December 2022

0
FacebookTwitterGoogle +Pinterest
previous post
Retired top FBI counterintelligence agent who led Trump-Russia probe arrested for own ties to Russian oligarch
next post
Cost-of-living not a key stressor for employees by business owners, research reveals

You may also like

Increase in employee theft raises concerns for future...

April 3, 2023

Why do you need keyman insurance?

April 4, 2023

UK job vacancies fall at fastest pace since...

December 9, 2024

First-time homeownership slips further out of reach without...

February 19, 2025

Met Police roll out facial recognition technology to...

October 19, 2023

Choosing Gifts for Your Loved Ones This Year:...

October 25, 2022

Car finance mis-selling: millions set to receive automatic...

March 15, 2025

Lawrence Stroll increases Aston Martin shareholding after ‘incredible’...

October 10, 2023

Netflix doubles down on UK productions despite slowdown

April 27, 2023

Top unusual ways to celebrate birthday party

May 24, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025
    • House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’

      June 7, 2025
    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,568)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved