Figures published recently by HMRC revealed in the 12 months to May 2017, Inheritance Tax receipts totalled £5.1bn, meaning the £5bn figure had been broken for the first time ever. Another interesting aspect is that if you add up the receipts in April & May, the figure of £1,088,000 is 34% higher than the April/May 2016 equivalent of £810m.
In the Queen's speech it was confirmed that the legislative programme will include three Finance Bills over the next two years to implement budget decisions. One of these will be a Summer Finance Bill 2017 which will be introduced as soon as possible after the summer parliamentary recess which ends on 5th September. This will legislate for all policies that were included in the pre election Finance Bill which had to be hastily slimmed down due to lack of parliamentary time following the announcement of the snap election.
The government has also reconfirmed that all policies originally announced to start from April 2017 will be effective from that date. This will impact anyone taking an income from their pension and continuing to make ongoing contributions as the limit is now reduced from £10,000 to £4,000.
The reduction in the tax free dividend allowance will also now fall from April 2018.