People often ask whether an estate will ‘go to Probate’, although many are unclear exactly what this means. A Grant of Probate (or Letters of Administration if there is no Will) authorises the Executor to administer the estate by collecting in...
A record amount of Inheritance Tax (IHT) is being recouped from UK taxpayers by the Treasury, according to recent data published by HM Revenue and Customs.
The statistics, released in late August, show that £2.1 billion was collected by the government from IHT in April to July 2021 – a £500 million increase on the amount collected during the same period the year before.
Rising property and share prices are having a knock-on effect by increasing the value of estates passed on through inheritance and pushing them into a higher IHT band.
Earlier this year, the Chancellor of the Exchequer announced that the nil rate IHT bands would be frozen until April 2026, which means growing numbers of families will be faced with higher IHT bills as the value of property and assets shifts estates beyond the nil rate threshold.
Further details on IHT rules can be found on the GOV.UK website.