HMRC takes £2.9bn in inheritance tax receipts between April and August 2022

By Published On: September 21st, 20220.8 min read

HMRC has collected £2.9bn in inheritance tax receipts between April and August 2022, a £300m increase on the same period a year ago. The rise in receipts was attributed to inflating house prices and rises prices of other assets.

With house prices continue to grow and inflation threatening to push up prices in general, it is likely many more people will pay greater amounts in inheritance tax in the future.

However, inheritance tax is a tax that can be reduced by effective management of your estate and utilisation of readily available schemes that allow individuals to cut their IHT bills.

Such schemes include the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS) which are designed to help spur investment into early stage companies by providing generous tax benefits such as income tax relief and inheritance tax exemption.

It is not only private companies that provide exemption from IHT. Most AIM-listed companies provide investors with exemption from IHT, if they’re held for two years.

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Investing in early-stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution, and it should be done only as part of a diversified portfolio. Kemeny Capital is targeted at investors who are sufficiently sophisticated to understand these risks. Tax relief depends on an individual’s circumstances and may change in the future. In addition, the availability of tax relief depends on the company invested in maintaining its qualifying status. Past performance is not a reliable indicator of future performance. You should not rely on any past performance as a guarantee of future investment performance.

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