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Could Inheritance Tax be on the Chancellor’s hit list?

Inheritance Tax could be the first tax to rise as the Government looks to claw money back following the financial support for individuals and businesses during the Covid-19 pandemic. We shall have to hope that any increase isn’t in line with measures brought in after World War 2 when inheritance tax was eventually increased to 80%! 

Inheritance tax brings in around £5.5bn per year and the current threshold of £325,000 which has been in place since April 2009, has resulted in an increase pf 67% since 2009 to the number of estates paying inheritance tax. 

A consultation is currently ongoing looking at reforming the tax, and follows a report back in 2019 by the Office of Tax Simplification. 

This is likely to be one of a number of tax increases as the UK begins to grapple with the task of repaying the huge debt created by Covid-19