Is inheritance tax soon to be abolished?

Rumours are rife that the Chancellor, Jeremy Hunt is going to slash or abolish Inheritance Tax in this week’s Autumn Statement.

This seems unlikely given that the current nil rate band allowance has been in place since April 2008 and is frozen until April 2028.

What is Inheritance Tax?

Inheritance tax is intended to tax the wealthy, however, due to the lack of increases in the inheritance tax allowances in recently years, and the increase in the value of land, more Estates are being subject to inheritance tax currently than for many years.

Approximately 4% of Estates are now subject to inheritance tax.  Although this is a very small percentage, the revenue in tax receipts for the 2022/23 tax year was around £7bn having increased 15% from the previous tax year and broke previous records.

Contact our expert Probate team today

The current inheritance tax system is complex, however, our expert team will ensure that all available allowances are claimed and the correct amount paid. Speak to our team today by calling 0191 691 3417 or email probate@browells.co.uk.