Inheritance tax becoming 'more lucrative' for HMRC as receipts rise to £1.5b - what to do
Inheritance tax is usually levied on the estate of someone who has died and is passing on their assets. IHT is charged where an estate is valued higher than £325,000 and it is usually levied at 40 percent.
Ms Jack said: “Newly published data from HMRC shows that IHT receipts for April to June 2021 were £1.5billion – £0.4billion higher than the same period a year earlier.
“This 33 percent year-on-year rise indicates that IHT collections are starting to become more lucrative for the Treasury, at a time when it is far from certain how the pandemic will pan out in the coming months and what the final bill to fund the Chancellor’s economic support schemes will turn out to be.
“For some time there has been an expectation that an Autumn Budget was on the cards, which could have been an obvious time to introduce tax reforms to help pay for the cost of the pandemic.
“More recent rumours swelling around Westminster, however, suggest that a Spring Budget may be more likely to allow the Treasury to take stock of the economic impact of the current wave of coronavirus.”
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