Inheritance tax warning as Rishi Sunak eager to enforce hike: 'Need to pay Covid bill'

The UK economy is expected to grow rapidly in this quarter as Prime Minister Boris Johnson lifts COVID-19 restrictions. Gross domestic product will grow 2.5 percent this quarter, the July 12-15 poll found, a touch better than the 2.4 percent predicted last month. However, with infection numbers doubling every eight to nine days, daily cases above 100,000 could be a reality within the next few weeks as the Delta variant spreads. Meanwhile, Chancellor Rishi Sunak is contemplating ways to raise funds and reform various taxes.

Pensions, wealth taxes and national insurance are among the policy areas that could be modified in order to pay for the pandemic.

iNews reported in May that Mr Sunak is “minded” to hike inheritance tax in order to raise billions from people’s assets.