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 showed IHT was becoming an increasingly lucrative source of funds for the Treasury.
"Since the November statement, tax-take estimates have been revised up by almost half a billion pounds (£486m) every single year.
"What the chancellor gives with one hand he, inevitably, takes with the other. So while pension allowances soar as their restrictions were ripped away in this Budget, the freeze on IHT thresholds continues to hoover up an ever-growing proportion of estates.
"It means around one in every 15 deaths are now expected to become liable for an IHT charge by 2027/28. That's a major boost for government coffers."
He added: "It is yet another reminder for people of the importance of regularly assessing the value of their estate. This should include getting an up-to-date valuation of any owned property given the substantial house price increases generated through pandemic.
"Professional, regulated advice can also help people work out the total value of their estate, calculate how much tax they may be likely to owe and understand what options they have to manage that tax bill."
Source: OBR forecasts via Just Group
