Inheritance tax UK: Number of estates who’ll pay IHT could jump – state ‘coffers’ may rise
- On December 2, 2020
- By GrowthInvest Marketing
INHERITANCE tax is levied on large estates in the UK when a person has died and is passing on their assets. It is generally an unpopular tax and while the government have often defended it by claiming few families are actually affected by it, new data suggests that may not hold much ground for the future.
Inheritance tax (IHT) is usually levied at 40 percent on estates valued higher than £325,000. The tax is unpopular with families across the UK and is often dubbed a “death tax” but the government (for the most part) regularly insists it is fair and proportionate, with HMRC detailing just four to five percent of estates pay IHT in the UK.
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.
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