By Simon Dawson, chief commercial officer of Legacy Release, a HNW inheritance lending specialist
HMRC statistics for the last tax year show that inheritance tax (IHT) netted the government around £5.4 billion; the average bill in 2018/19 was £209,000 which impacted around 22,000 estates.
This is predicted to keep growing and reach £6.3 billion by 2023/24, a rise of 16.6 percent, in a forecast by the Office of Budgetary Responsibility (OBR).
There are reliefs which may offer some solace and allow, predominantly residential estates, to save up to £1 million in allowances.
However, as hous...