The latest IHT figure is the third record annual haul in a row. We explain why the tax take is rising and what people can do.
Inheritance tax receipts are forecast to reach £9.7 billion a year in 2028/29. Read our guide: Ten ways toInheritance tax: More families are paying death duties and the Treasury is raking in ever bigger sums
The Office for Budget Responsibility forecast last month that inheritance tax receipts will reach £9.7 billion a year in 2028/29. If the Government decides to reduce inheritance tax, its main options are cutting the headline rate, raising or reforming thresholds, and changing gifting rules.Heather Rogers, founder and owner of Aston Accountancy, is This is Money's tax columnist.
One option could be to get rid of the complicated property rules and simply raise the nil rate band to £500,000, or £1million for married couples, for everyone. Get your estate valued if you might be liableThose who may be liable for inheritance tax should look into tax planning as soon as possible, if they want to avoid their loved ones paying it.
'A good way to start is to assess the entire value of their estate, including an up-to-date valuation of their property. 'The lowering of the headline rate of inheritance tax from 40 per cent would undoubtedly be met with approval from core Tory voters. However, more widely, it would likely prove unpopular given it would benefit the rich at a time when so many across the nation continue to struggle with the cost of living.
'This freeze, combined with rising asset values, means that the tax is affecting more and more people than it was ever intended to capture.
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