Inheritance tax receipts surge 10% in final figures before Budget

The government has seen record high inheritance tax receipts, totaling £4.3 billion in the first six months of the tax year, with a potential for another record year in 2024/25. There are rumors of potential changes in the upcoming Budget, such as tightening exemptions and applying capital gains tax to inherited assets, prompting individuals to review their estate and consider gifting strategies to reduce their IHT bill. Married couples can combine their nil-rate bands to pass on up to £1 million tax-free, while individuals should be cautious about gifting to avoid triggering potential tax penalties.

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