The nation's total inheritance tax (IHT) bill will grow significantly over the next six years, the Office for Budget Responsibility (OBR) forecasts, with Treasury coffers swelling by an additional £3bn.
Data released alongside yesterday's Budget said that between 2022/23 and 2027/28 the Treasury is likely to net nearly £3bn more than expected in November, at the last fiscal statement. It predicted the total tax take from IHT would be £45bn compared to its estimates at the end of last year of £42.1bn. By 2027/28, it is estimated that 6.7% of deaths, about 47,000 deaths, will trigger an IHT charge, up from an estimated 4.1% in 2020/21. Just Group communications director Stephen Lowe said the information was "hidden in the small print of the Spring Budget". He added the statistics...
To continue reading this article...
Join Professional Adviser
- Unlimited access to real-time news, industry insights and market intelligence.
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters.
- Make smart business decisions with the latest developments in regulation, investing retirement and protection.
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes.