In the Vale of Glamorgan, 55 estates were liable for inheritance tax in the 2023-24 tax year, with families facing an average bill of £145,500, according to newly published HMRC figures analysed by wills and probate specialists David W Harris & Co.
Monmouth recorded the highest number of estates liable in Wales, with 64 families collectively paying £10 million.
Tom Baker, partner at David W Harris & Co, said: “Inheritance tax is widely thought of as something that only affects the very wealthy, or families in London and the South East.
“In our day-to-day work we see that it reaches much more widely than that, and we wanted to put clear, local figures to it so families across Wales can see whether it might apply to them.
“What tends to catch people out is that an estate can look modest but still face a bill once the family home, and any land or business, is taken into account.
“With the tax-free threshold frozen and the reliefs on farms and businesses now tighter, more families are likely to be drawn in over time, so it is worth understanding where you stand and planning early.”
