The tax expert also shared some insight to other explanation why IHT receipts are on the rise and gave advice on what people can do to mitigate their bill.
He added: “Typically, the worth of a residential property is the essential reason why estates are pushed over the IHT thresholds and the recent house price boom across the UK means many individuals could possibly be approaching or surpassing the edge without realising.
“Nonetheless, there are alternatives available akin to lifetime mortgages that may also help people pass on that wealth while still alive to see the positive effect it may have on family members.
“Skilled, regulated advice may also help people across the UK work out how their property may impact their estate planning and consider how the wealth tied up in bricks and mortar may also help people meet their goals in later life, whether to make use of that wealth to spice up consumption in retirement or to bequeath it in a tax-efficient manner.”
