Inheritance tax (IHT) usually doesn’t apply when people pass on their pension pot making it an effective way to pass on wealth to family members or down to future generations. Inheritance tax receipts rose to £7.5billion last year with more households being forced to pay up to HMRC. Due to frozen tax allowances and rising house prices, more families are becoming concerned with being caught in the net. The latest figures show less than four per cent of estates paid inheritance tax in 2020/21, however this figure is only set to rise in the upcoming years. To cut costs, an expert has explained th…
