Business, Economics, Stock markets, FTSE Business | The Guardian
Rolling coverage of the latest economic and financial news, as UK records the second highest October borrowing since 1993Inheritance tax has brought in £5bn so far this financial year, even before the government hits farmers with the levy.New figures from HMRC this morning show that inheritance tax receipts for April to October 2024 have risen by £500m year-on-year, to £5bn.“Inheritance tax is on track for another record year with receipts so far hitting £5bn. With five months of the tax year yet to go it should easily outstrip last year’s £7.5bn.It may be a tax that so far only hits a small proportion of the population but, after last month’s Budget, it’s about to be an issue for a lot more people, after the decision was taken to make pensions part of someone’s estate for inheritance tax purposes. This won’t kick in until 2027 but will be a major part of many people’s financial planning. Continue reading…
Rolling coverage of the latest economic and financial news, as UK records the second highest October borrowing since 1993
Inheritance tax has brought in £5bn so far this financial year, even before the government hits farmers with the levy.
New figures from HMRC this morning show that inheritance tax receipts for April to October 2024 have risen by £500m year-on-year, to £5bn.
“Inheritance tax is on track for another record year with receipts so far hitting £5bn. With five months of the tax year yet to go it should easily outstrip last year’s £7.5bn.
It may be a tax that so far only hits a small proportion of the population but, after last month’s Budget, it’s about to be an issue for a lot more people, after the decision was taken to make pensions part of someone’s estate for inheritance tax purposes. This won’t kick in until 2027 but will be a major part of many people’s financial planning.
