Inheritance tax take soars

The tax take from inheritance has increased by nearly 10% year-on-year, new figures revealed on Thursday show, spurring renewed calls for thresholds to be unfrozen. The Treasury received a £1.1bn boost in the last two months, fuelled by soaring house prices. The average IHT bill on a liable estate will hit £266,000 this tax year, a jump of 27% compared to three years ago, according to investment service the Wealth Club. The new figures have led Tory MPs to call for the Chancellor to increase the threshold as soon as possible. Sir Peter Bottomley, a Tory MP and Father of the House of Commons, said: “A lot of people with an ordinary house and some savings will find themselves contributing more than most people think is necessary or right.” Tax receipts overall in the past 12 months were up by 16% compared with the year before, rising from £630bn to £733bn. Rishi Sunak’s decision to increase NICs rates for workers in the spring swelled Treasury coffers by £2.4bn extra in May.

The Daily Telegraph

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