Inheritance tax UK: Number of estates who
However, on November 25 the Office for Budget Responsibility (OBR), in combination with the Chancellors spending review, released their economic and fiscal outlook for November 2020.
Within their various data releases, fiscal receipts and official predictions were shared and according to projected estimates based on 2017-18 IHT returns using economic assumptions consistent with the November outlook, it was detailed the number of deaths subject to IHT is expected to rise to 30,400 in 2020/21, up from 25,200 in 2019/20.
The same forecast predicts a drop over the next couple of years or so but then it may continuingly rise through to 2026.
These findings caught the eye of Rebecca O’Connor, the Head of Pensions and Savings at interactive investor, who had the following to say: “The OBR has forecast a 20 percent rise in the number of deaths subject to inheritance tax from 25,200 in 2019/20 to 30,400 this year, following the rise in deaths due to the pandemic.
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