INTRODUCTION

In recent months, rising living costs have been so significant that most Monthly budgets in the United Kingdom will have been squeezed. Not only does this have an immediate impact on people’s lifestyles, by making every effort to cut back, but it has a negative impact on their long-term goals, such as owning a home or retiring comfortably. According to new research, millions of people in the UK are concerned that the long-term impact of today’s rising living costs will cause them to postpone or even abandon their life goals.

In the 2021/22 tax year, Inheritance Tax receipts totaled £6.1 billion, a £729 million increase over the previous year. This 14% increase is the highest in a single year since the 2015/16 tax year in Inheritance Tax receipts. The increase is due to the continued freeze on the nil-rate Inheritance Tax band and the residence nil-rate Inheritance Tax band. This week, we’ll look at why it’s critical to plan for Inheritance Tax.

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