Figures from HM Revenue and Customs (HMRC) show that inheritance tax receipts in the last six months have reached £4.3 billion, marking a £400 million increase from the previous year.
Nicholas Hyett highlights the government's continued interest in inheritance tax, stating that it's a 'cash cow' for HMRC, with potential future changes aiming to enhance revenue.
The complexity and numerous rules surrounding inheritance tax provide the government with opportunities to adjust existing policies, potentially impacting Business Relief and pensions.
Any changes to inheritance tax policies could greatly affect family-owned businesses and pension savings, creating uncertainty for both wealthy individuals and the general public.
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