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...
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