Wbg, a Scottish full-service accountancy practice, has cautioned that growing numbers of families may fall into the Inheritance Tax (IHT) net and should consider seeking professional advice.
HMRC data shows IHT revenues reached a record £8.2bn in the 2024–25 tax year, up from £7.5bn.
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Rising property and asset values, combined with frozen thresholds, are cited as key factors.
Wbg said that the £325,000 nil-rate band has been unchanged since 2009 and the £175,000 residence nil-rate band, introduced in 2017, is also fixed.
Both are due to remain at current levels until at least 2030.
Around 4% of deaths in the UK currently result in an IHT charge, with property representing 38% of the typical taxpaying estate.
The Office for Budget Responsibility forecasts IHT receipts to increase to £13.9bn by 2030, supported by forthcoming rule changes.
From April 2026, business property relief and agricultural property relief will be capped at £1m, with amounts above that taxed at 20%, and from 2027, pension pots are expected to fall within the scope of IHT.
In this context, Wbg senior tax manager Gavin Brown is urging families to assess the overall value of their estate.
Brown said: “When working with families, we often find that individuals do not fully appreciate their total net worth.
“Between increasing property values, and pension funds due to come within the scope of IHT, more and more individuals are finding themselves with IHT exposure.
“Establishing the value of your estate is essential to gain an understanding of your estimated IHT liability. The level of exposure, coupled with your personal view on IHT, will be the foundations for providing tailored advice.”
He also advises families to keep wills updated and to consult a regulated solicitor to help ensure assets are distributed according to their wishes.
In September last year, Wbg launched a part-time chief financial officer service to help small and medium-sized businesses with their financial management.
