Guildford ‘Inheritance Tax Capital’ of the UK

Published on: 27 Oct, 2018
Updated on: 29 Oct, 2018

By Anthony Parker

More families in Guildford pay inheritance tax than anywhere else in the UK. Estates worth £325,000 and over, including property, money and possessions, are subject to inheritance tax when the owner dies.

In 2015/16, 658 Guildford families were subject to inheritance tax which yielded £152 million to the Inland Revenue. However, while more families paid the tax in Guildford than elsewhere the town did not yield the greatest amount in revenue.

Inheritance tax revenue is closely linked to property values, so in South West London 655 estates that qualified for the tax paid a record breaking £277 million while North West London residents had the largest tax bills with 401 families contributing £153 million.

According to the Institute of Fiscal Studies in 2017-18 capital taxes, which include stamp duties, capital gains tax and inheritance tax combined, represent five percent of the national revenue.

The Office of Budget Responsibility estimates the receipts for 2018/19 tax year will amount to £5.4 billion with an increase of £100 million from the previous year.