Spring Budget 24: No changes to inheritance tax despite rumours

IHT receipts are currently on track to be higher than last year's record total

Sahar Nazir
clock • 2 min read

Jeremy Hunt has shied away from cutting or changing inheritance tax (IHT) in his Spring Budget today (6 March).

IHT receipts increased to £6.3bn between April and January, up £400m on the same period the year before, the latest HM Revenue & Customs data revealed. Despite rumours that the government may cut the headline rate or scrap IHT entirely in today's budget, the chancellor did not unveil any cuts to the tax. Although an IHT reform was rumoured, many had warned that the cuts would be too costly for the government at this time. Abrdn head of savings policy Alastair Black said last month (21 February) that a decision to abolish IHT in the Spring Budget "would rock the financial advice sec...

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