Despite inheritance tax allowances increasing for some and the increase in house prices slowing, the tax take from inheritance tax continues to grow.
Predictions from the Office for Budget Responsibility (OBR) show that the rise in tax take is expected to continue.
The future of many businesses depends upon the inheritance tax reliefs that allow them to be passed on to the next generation without having to fund a huge tax liability. Given that the relief is so valuable the rules are stringent and evidence suggests that HMRC are scrutinising claims hard.
A business's structure, activities and assets should be regularly reviewed to ensure that reliefs are not unwittingly lost. If you have concerns about whether your business will qualify for relief our experts at Creaseys will be able to guide you through this tricky landscape.
Taxman takes more in IHT as scrutiny increases