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HMRC have published their latest report on Inheritance Tax statistics.Key findings: In 2015-16, 4.2% of UK deaths were liable to IHT, increasing slightly by 0.3 percentage points since 2014-15. This continues the longer term increase since 2008-09 and is partly due to freezing the NRB (£325,000) since April 2009. IHT receipts totalled £5.2bn in 2017-18; this is an increase of 8% (£388m) compared to 2016-17 and has been increasing since 2010-11. There was a 22% increase in receipts from 2014-15 to 2015-16, which reflects an estimated 43,900 excess winter deaths in 2014-15. Net capital value of estates, since 2009-10, has increased by £17bn to £79bn in 2015-16, around 54% of this increase is in residential property. The total number of liable estates has increased every year since 2009-10. In 2015-16 there were 24,500 liable estates, an increase of 1,300 since 2014-15.DOWNLOAD the full reportSEE ALSO - No Capital gains or inheritance tax to pay?UP NEXT - Just a thought on IHT and childrenDON'T MISS - Death and what happens to your business?NOW WATCH:
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
The very reason I use a SIPP
it helps a lot with IHT
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
You have to be so carefull when you tried to avoid IHT
Friends of mine own a transport firm and they passed on the company to there son
He was killed in a helicopter accident so IHT was paid on his estate
so they were just as bad off as if they had never done it
Land & property has a special arrangement where IHT can be paid via the estate over 10 years
I wil use a trust when I pass
its much safer and its also helps encase of divorce
My Son and Grandchildren will never own the property because its in trust
so if they divorce there wives and husbands can not take half if a divorce arises
I though that a trust that owns property is liable for IHT on every 10th anniversary?
Correct, circa 6% every ten years and a 20% one off tax at the point you transfer it into the trust.
I won’t be here so i will leave the task of running the trust to someone else lol