Average IHT bill rises by £5,000
The average IHT bill rose almost £5,000 in a year to £170,000, according to analysis of HMRC data. IHT was paid on 6% of the 280,000 estates HMRC reviewed in the 2012-2013 tax year with London and the South-east accounting for half of all payments in the year. Average bills for Londoners were £236,000 – 38% more than the national average of £170,000. Britons hand-over £3bn a year to the government in IHT. Les Cameron, a tax specialist at Prudential, which conducted the analysis, said: "As the total amount of inheritance tax paid increases, so does the value of careful tax planning for anyone looking to cascade as much of their wealth to their families as possible."
Source: The Daily Telegraph (14/10/2015)