The latest data indicates that there are major regional variances in the scale of inheritance tax liabilities.
This is the conclusion of David W Harris and Co, following data analysis of HMRC figures. It covers the tax year 2023/24 and looks at what the average liability was for a single estate by region. The results show the highest average liability was for people in London, where the average was £297,300. This was from a total of 4,810 liable estates.
At the other end of the scale, the average liability across Wales was nearly 50% less. The amount paid by the 982 liable estates was £156,800. Next to London, the region with the highest average liability was the South East.
The reason for these regional differences is almost certainly house prices in the South East and London. They have been rising for years and dragging more people above the threshold for inheritance tax.
This is likely to become the case for other parts of England and Wales though, as the threshold has been frozen. Talking to Probate solicitors in North Wales about estate management is highly advisable.
Tom Baker works for David W Harris and Co. Speaking to Today’s Wills and Probate, he said:
“With the threshold fixed for years while property values rise, more estates are gradually being drawn in, so it is worth understanding where you stand rather than assuming the tax does not apply.”
At Bennett Smith Solicitors, we can help you with the management of your assets. Call our solicitors in Llandudno today.
