Tax Planning

Planning for "Waiting for God" or how to avoid additional tax on death

Planning for "Waiting for God" or how to avoid additional tax on death

Notwithstanding politician’s promises and some jiggery-pokery around IHT on the family home the tax take on Inheritance Tax has been rising for some time. Back in 1980/81 the total IHT take was under £0.5bn, in 1990/90, it was under £1.5bn, in 2000/01 it was under £2.5bn, in 2008/09 is was over £3.5bn and in 2015/16 it was over £4.5bn. As a proportion of GDP, (Gross Domestic Product), in 1980 it was under 0.17%; in 2007/08 and 2015/16 it was over 0.25%, so its influence over government receipts has been rising significantly. (Original data from HMRC Tax & NIC receipts, monthly and annual historical record, 21st June 2016)