Fiona Smith quoted in Eprivateclient on IHT receipts
Private Client Partner, Fiona Smith’s comments were published in the Eprivateclient article entitled ‘First fall in IHT receipts in over a decade likely to add pressure to calls for tax reform’.
The article highlights the new Inheritance Tax (IHT) figures from HMRC that have demonstrated a slight reduction in receipts for the first time in ten years.
In her comments, Fiona explains that the fall might encourage the Chancellor to consider changes to reverse this trend, which could include an amendment or abolition of the Residence Nil-Rate Band (RNRB). She explains that “such changes would be politically challenging and could alienate a section of the electorate”, further commenting that the Chancellor “may decide to leave the RNRB alone and focus instead on areas where tax reform will make a material difference to government income”.
The full article can be read here, behind the paywall.