Momentous events in the UK continue to highlight the role of Business Relief (BR) as a valuable form of tax relief.
HM Revenue & Customs (HMRC) data has revealed that inheritance tax (IHT) brought in £557 million in September 2022. This brings the overall tax-take to £3.5 billion in the first half of the 2022/2023 tax year – a new record that far surpasses the previous high of £3.1 billion recorded in H1 2021/22, and the £2.9 billion in H2 2021/22.
IHT surpassed £6 billion in 2021/22 for the first time ever with the current tax year now set to post consecutive all-time high tax-takes. The backdrop of this meteoric rise in IHT receipts are dramatic political events that have seen three Prime Ministers at No. 10 in less than two months.
As we go to press, Jeremy Hunt, reappointed a chancellor by new Prime Minister Rishi Sunak, has delayed the announcement of the highly-anticipated medium-term fiscal plan to repair the country’s public finances.
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