Sean McCann, Chartered Financial Planner at NFU Mutual, comments on the increase in the number of families who reclaimed inheritance tax during the past tax year.

More than 5,000 families reclaimed overpaid inheritance tax in 2022/23, new figures obtained from a Freedom of Information request by financial advisers at NFU Mutual has revealed.

There was a 22% increase in these reclaims compared to the previous year, as NFU Mutual experts warn more and more families could claim thousands of pounds due to falling property prices.

Sean McCann, Chartered Financial Planner at NFU Mutual, said:

Although thousands of families reclaim overpaid inheritance tax every year, it’s likely that many miss out.

The complexity of inheritance tax is one of the reasons it is feared and loathed by so many, which may be why the Conservatives are reported to be considering scrapping it in an aim to win votes.

The current downturn in the housing market is likely to lead to even more bereaved families selling property at a lower price than the value at which inheritance tax was paid...

These reclaim figures will rocket this year if house prices continue to decrease.

Full release: More than 5,000 families reclaimed overpaid inheritance tax last year

✉️ Matt Wilson, NFU Mutual, 07890 255381 / matt_wilson@nfumutual.co.uk