IHT goes 'mainstream' as latest HMRC receipts hit record high

Estimates released at the last Budget suggested that over the next five years IHT would bring in £38bn.This projection means yearly receipts could exceed £8bn by 2027/28 and 6.7% of deaths would trigger an IHT charge, according to the Office for Budget Responsibility. The latest figures showed income from IHT was up £1bn year-on-year. Canada Life technical director Andrew Tully said: "IHT is no longer a tax only on the wealthiest estates. As these record figures show, IHT has now become a mainstream tax on ordinary people, largely due to house price increases." He added that people...