Number of Estates Subject to IHT to Double by 2030

Utmost has suggested that the number of estates subject to inheritance taxes (IHT) could nearly double from 5.1% to 9.5% of estates by 2030.

This follows Rachel Reeves’s, Chancellor of the Exchequer, massive tax grab by freezing IHT allowances until 2030 as well including all ‘untouched’ pensions as part of the estate and potentially subject to IHT.  In addition, changing the Domicile rules to Resident and Long Term Resident catching more overseas assets for IHT too.

See: Budget 24 Pensions & IHT  Budget 24 Long Term Resident

IHT revenue receipts have already topped £0.75bn in September alone and as estate values grow and now pensions included too will drive receipts up.

Comment

The Labour Party have backed themselves into a corner with the manifesto promise not to increase income tax, VAT or National Insurance for working people meaning that everybody else with any form of income or wealth is suffering additional taxes to pay for Labour’s budget boost to the NHS, infrastructure projects, energy development schemes and many more.