Chichester awarded hold in Kingsley Napley's Inheritance Tax Olympics

Based on the latest HMRC statistics of inheritance tax paying estates, Kingsley Napley can reveal:

• Chichester takes the gold for the number of estates affected (153) and sees its departed residents’ estates paying one of the top ten largest amounts to HMRC in the country.
• Esher and Walton is awarded silver, by number of estates on which tax was due.
• Finchley and Golders Green claimed bronze.

However, by total amount of inheritance tax paid, unsurprisingly Kensington glistens by contributing £103m to the government’s coffers.

It appears that the estates of those who lived in Hampstead and Kilburn; Finchley and Golders Green; Richmond Park; South West Surrey and Chichester, were some of the biggest contributors to the country’s IHT tax take during 2021/22, both in value and volume of affected estates.

In contrast, in the previous tax year (2020/21), Esher and Walton won gold, by volume of estates on which IHT was payable (160), followed by Twickenham with silver and Finchley and Golders Green with bronze. Notably, Twickenham not only failed to make the podium but barely scraped into the top 25 in 2021/22.

Sophie Voelcker, Partner in the Private Client Practice at Kingsley Napley LLP, comments: “Our latest ranking shows that house prices and the socio-economic demographics of a region are driving up the local IHT costs, so it is perhaps no surprise to see the South East take the medals.

“We are advising an increasing number of clients who are looking at reducing their estates for IHT purposes and making use of available IHT exemptions pre 30 October: namely use of the IHT nil rate band, annual exemption, regular gifts out of excess income, gifts of business or agricultural property or potentially exempt transfers. Otherwise they are advised to just spend!”

For enquiries, please contact:

Melanie Riley at Bell Yard Communications: [email protected] / 07775 591244

Tax Receipts By Volume 2021/22 (source HMRC):