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19th September 2014

Inheritance – a taxing situation

OVER the past few years, as the economy has slowly recovered, the government's Inheritance Tax (IHT) receipts have steadily increased from £2.3 billion in 2009-2010 to £3.3 billion in 2013-2014 (source: ONS). This trend is likely to continue for the next few years if house prices continue to rise, given that the Nil Rate Band (the allowance we each have before tax becomes payable) is frozen at £325,000 until 5 April 2018. Whilst much is written about the use of annual exemptions and various trust arrangements (usually marketed by insurance companies).