UK inheritance tax receipts reach record £5.2bn
The UK government hauled in £5.2bn ($7.2bn, €5.9bn) of inheritance tax receipts during the 2017/18 tax year, a figure 8% higher than the previous year.
The 8% rise, representing £400m, for the latest tax year comes despite the government introducing the residence nil-rate band (RNRB) allowance in April 2017.
The RNRB, combined with the traditional nil rate band, allows married couples to pass on a family home worth up to £850,000 tax-free.
Under the government's current plans, the RNRB will be increased each year until 2020, when a married couple will be able to bequest a home worth £1m tax free. Please link to International Adviser to read the full article by Tom Carnegie.