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Inheritance tax receipts hit record high: Why advisers should take a closer look at Business Relief (BR) solutions
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The latest Inheritance Tax (IHT) figures have been released, revealing that the government collected a record £7.5bn in the 2023/24 tax year – a £400m increase from the previous tax year.
This figure not only underscores an increasing trend in IHT receipts but also highlights the growing impact of IHT on more UK estates, exacerbated by static nil-rate bands despite rising asset values.
This escalation of Inheritance Tax liabilities, coupled with the impending massive transfer of wealth from the baby boomer generation, signals a transformative period over the next few decades.
It not only highlights the need for robust estate planning but also opens a critical window for advisers to guide their clients through potentially complex financial landscapes.
The strategic use of BR, among other solutions, will be essential in mitigating IHT exposure and ensuring that wealth is transferred more efficiently and effectively to the next generations.
“With the continued rise in IHT receipts, it's more important than ever to consider strategic estate planning. Business Relief offers a compelling option not just for tax efficiency but also for contributing to the broader economy by supporting growing UK businesses. Our role is to help advisers leverage these opportunities for their clients,”says Andy Howe, Partner at Downing.
Founded in 1986, Downing has been managing inheritance tax solutions since 2007 and now has nearly £1bn of assets under management in inheritance tax solutions (as at 31 December 2023).
Please note: Investing in estate planning solutions carry risks and are not suitable for everyone. Capital is at risk. The value of investments and any income derived may go down as well as up and investors may not get back the full amount invested. BR-qualifying companies may lose their status if BR rules change, which means IHT relief may no longer apply to the money you have invested in that company.
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Important notice: This article is for information only and does not form part of a direct offer or invitation to purchase, subscribe for or dispose of securities and no reliance should be placed on it. This content contains information that is believed to be accurate at the time of publication but is subject to change without notice. Whilst care has been taken in compiling this content, no representation or warranty, express or implied, is made by Downing LLP as to its accuracy or completeness, including for external sources (which may have been used) which have not been verified. Downing does not offer investment or tax advice or make recommendations regarding investments. Downing is a trading name of Downing LLP. Downing LLP is authorised and regulated by the Financial Conduct Authority (Firm Reference No. 545025). Registered in England and Wales (No. OC341575). Registered Office: 6th Floor, St Magnus House, 3 Lower Thames Street, London EC3R 6HD.
