Government scraps controversial probate fee plans
The government has ditched controversial plans to increase probate fees that were first unveiled by Theresa May’s administration in 2016….More
Inheritance tax receipts continue their upward trend, despite a dip last month, according to data released by HM Revenue and Customs (HMRC).
The Revenue reports the amount raised through inheritance tax in May stood at £393m, 13 per cent down on the £456m collected in April, and 19 per cent below the same month last year.
Even so, inheritance tax bills have seen an overall rise during 2019, reports the FT Adviser website.
Speaking to the publication, Sarah Coles, a personal finance analyst at financial services firm Hargreaves Lansdown, said: “We’re paying more inheritance tax every year, in 2009/10 we paid £2.38bn, and in 2018/19 we paid [a record] £5.37bn.”
Coles added that, while there were often monthly fluctuations in the amount of cash raised, the government’s proposed changes to probate fees might be playing a part this year.
She said: “[The government] ended up postponing the change at the 11th hour, but by then families who thought they’d be affected had already powered through probate.
“It pulled forward some of the tax to March – which was up 44 per cent from February – and will have boosted the April figure too, because of families who aimed for March and just missed.”