Families facing the shock of a high inheritance tax (IHT) bill are being urged to consider their options and get support, after new figures highlighted a rise in the value of IHT receipts.
New HMRC data has revealed that IHT receipts for April to May 2022 stood at £1.1 billion. This figure was £0.1 billion higher than at the same point 12 months ago. Reacting to the figures, Dicky Davies, Director of Business Development at Tower Street Finance, said they raise several important issues.
He explained: “With property prices and other assets seemingly rising in value, many families may not realise that the estates of their loved ones could be affected by IHT.
“This can be a shock and it may also create problems that some people have never even considered. For instance, the family may not have the money to settle the IHT bill and this can then hold up the distribution of the estate. Such issues then generate lots of stress and anguish at what is already a difficult time.
“If this sounds familiar, please remember that you are not alone. There are options out there to help in such situations, with our IHT Loan being designed for that specific purpose. Once you complete the paperwork, we will pay HMRC directly and the estate will then repay the funding.
“There are no monthly repayments, no credit checks and no risk or personal liability. Hopefully this should provide key support at an important time.”
Find out more at about our Inheritance Tax Loan product or call us on 0343 504 7100.