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INHERITANCE TAX IRELAND

INHERITANCE TAX IRELAND
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INHERITANCE TAX IRELAND

(PRWEB UK) 2 March 2015

Prudential have revealed that London and the South East of England are the united kingdom’s inheritance tax hotspots according to new diagnosis of HMRC knowledge.

moderate inheritance tax invoice is almost £166,000 per estate.
1/2 of all inheritance tax was once paid from London and the South East.
UK inheritance tax receipts total £2.6 billion from roughly 15,600 estates.

Estates chargeable for inheritance tax in the UK in 2016-2011 confronted a bill of nearly £166,000 on moderate, in keeping with new diagnosis of HMRC data by Prudential.

The study, according to the latest publicly to be had regional data on tax receipts, presentations that within the 2016-2011 tax yr, inheritance tax was paid on around 15,600 estates with a complete invoice of £2.6 billion.

London and the South East of England had been recognized as the united kingdom’s inheritance tax hotspots by means of the Prudential prognosis. the 2 regions accounted for as so much inheritance tax income as the rest of the united kingdom put together. The £1.3 billion in receipts from London and the South East represented 1/2 of all the inheritance tax paid nationally, even though best forty two per cent of in charge estates (a complete of round 6,500) were within the two regions.

Property prices affect inheritance tax ranges

Unsurprisingly, on condition that property values within the capital and the South East of England are typically better than in other places, the typical amount paid in inheritance tax in those areas was considerably greater than in other elements of the united states. Whereas the common property answerable for inheritance tax in Wales faced a bill of £126,000, and within the North East of England £one hundred thirty,000, the figure for the South East of England was once £174,000 and in London a whopping £234,000.

In both Northern ireland and the North East of England simplest 200 estates had been responsible for inheritance tax, yet many individual counties within the South East of England saw a long way more estates above the threshold – including Surrey (810), West Sussex (530) and Hampshire (500).

number of estates chargeable for tax drops

HMRC reviewed nearly 260,000 estates in the 2016-2011 tax 12 months, that means inheritance tax was paid by means of best 6 per cent of estates, a determine similar to the 2 earlier years. that is much lower than years between 2005 and 2008, when greater than 10 per cent of estates were liable for inheritance tax.

Graeme Robb, a tax professional at Prudential, said: “These figures divulge that a large amount of inheritance tax is paid with the aid of a relatively small collection of people. however, it is doubtless that a normal invoice of greater than £a hundred and sixty,000 can be unwelcome for any domestic.

“lots of individuals can legitimately scale back their inheritance tax bill via careful tax planning. The lend a hand of a professional adviser can also be instrumental in guaranteeing that individuals can go away more of their wealth to those that they wish to make the most of their legacy.”

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Notes to editors    

supply: Prudential analysis of HMRC inheritance tax receipts, figures for 2016/11 (latest to be had)

https://www.gov.uk/executive/collections/inheritance-tax-information

Inheritance tax map of the uk

(A high resolution pdf version of this map is to be had on request)

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