Hmrc sends out 'record-breaking' letter to uk families with 'more to follow'

HMRC is sending out letters demanding inheritance tax - in a huge crackdown as receipts soar. HMRC have collected almost £0.8 billion in the space of a month through inheritance tax (IHT)

receipts: an eye-watering £780 million. “IHT receipts are only going in one direction and that’s up,” Andrew Zanelli, head of technical engagement at Aberdeen Adviser, said. “The

government’s plans to bring pensions into the tax’s scope from April 2027 is one of the reasons for the continued rise and we’re still waiting for the details which is making many people

understandably concerned." It comes, as the Independent reports, "more families are pulled into scope for paying the tax due to frozen thresholds and regulation changes.".

Zanelli said: “But there’s also a large amount of people who still don’t realise their estate will be taxed on death, and we see in the data that the number of estates where tax is due is

concentrated in the smaller estates. READ MORE UK FACES 27C HEATWAVE NEXT WEEK WITH 33 COUNTIES IN ENGLAND SET TO SIZZLE “Knowing exactly how much you’re worth and good planning is key

because it is possible to manage IHT risk. "Careful and comprehensive planning, supported by expert advice, is critical for managing exposure in a way that still supports overall

financial goals.” “Over the last 20 years the inheritance tax tab has increased from £3.3bn to £8.2bn. With such a strong start to the 2025/26 tax year this is only going one way - and that

is up,” said Nicholas Hyett, investment manager at Wealth Club. “This is no accident – leaked government documents made it clear this week that inheritance tax is still seen as a cash cow by

some members of the cabinet.” Simon Martin, Head of UK Technical Services at Utmost Wealth Solutions commented: “The 2024/25 tax year was the fourth-consecutive record-breaking year for

Inheritance Tax receipts and April’s figures show no signs of this momentum slowing down. "The growth in IHT receipts, and forecasted tax-take acceleration from the OBR, will be welcome

news for the Chancellor. "It doesn’t appear yet that the widely documented outflows of non-doms and high-net-worth-individuals from the UK, following the measures announced in the

Autumn 2024 Budget, have caused a dent in these receipts. "With thresholds frozen and asset prices continuing to climb, more estates are likely to need to consider whether they will be

impacted by Inheritance Tax over the coming years and plan accordingly. "We are seeing significant demand for advice in the wake of these changes and that is likely to remain high as

individuals look to adapt their succession and estate planning strategies.”