Average IHT bill for Londoners is over £270k

The latest data from HMRC show Londoners pay the highest inheritance tax bill in the UK. Residents in the capital paid an average of £271,820 in inheritance tax on their estates in 2018/19 upon death. Over the UK as a whole, residents paid an average of £209,502 in inheritance tax in the same year. Residents in the north west paid the lowest average IHT bill in the UK, at £152,898 on average. Sean McCann, chartered financial planner at NFU Mutual, said: “Inheritance tax is feared by many but paid by relatively few. But with the average bill in excess of £200,000, it can make a significant dent in a family’s wealth for those that do get caught in the net.” A total of £5.69bn in inheritance tax was paid in 2020/21. 

City AM (10/08/2021)   Daily Express (10/08/2021)