Inheritance Tax: Britons fear Rishi Sunak will hike tax to 50 percent – ‘matter of time’
- On January 20, 2021
- By GrowthInvest Marketing
INHERITANCE TAX (IHT) is not generally well-liked by Britons, and now many have expressed their fear that the levy could be increased by the Chancellor Rishi Sunak this year.
Inheritance tax is payable on the estate – the money, property and possessions – of a person who has passed away. It is set at 40 percent above a certain threshold, which usually stands at £325,000. However, as government spending has increased within the last year to fund the fallout of the ongoing COVID-19 crisis, there has been speculation as to whether taxes will rise.
One such tax some think will be targeted by Rishi Sunak, is Inheritance Tax, and such a rise could leave Britons with a higher bill.
Research undertaken by Tower Street Finance, an inheritance lending specialist, showed the belief that taxes will rise this year.
More than half of those surveyed stated they believe the government will hike IHT to 50 percent to help fund the COVID-19 pandemic.
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