KIEV: The 8% rise, representing £400m, for the latest tax year comes despite the government introducing the residence nil-rate band (RNRB) allowance in April 2017.
The RNRB, combined with the traditional nil rate band, allows married couples to pass on a family home worth up to £850,000 tax-free.
Under the government’s current plans, the RNRB will be increased each year until 2020, when a married couple will be able to bequest a home worth £1m tax free.
The latest rise extends the steadily rising trend for return for the government from this tax, with HM Revenue and Customs data showing that inheritance tax receipts have increased by 100% in just seven years.
