According to the BBC, the government is planning inheritance tax (IHT) increases at the Autumn Budget on 30 October.
The BBC suggested that Chancellor Rachel Reeves is planning an IHT raid as part of her plan to increase taxes and cut spending.
The BBC also hinted that the Chancellor and Prime Minister Keir Starmer are considering various changes to taxation, including changes to exemptions and reliefs.
IHT currently raises around £7 billion a year for the government. A 40% flat rate applies to any estate worth more than £325,000.
The Centre for Analysis of Taxation stated that the current IHT system is ‘broken’. In a paper published recently, the Centre said that uncapped exemptions mean a quarter of estates worth over £10 million pay a rate of 9%.
According to the Centre, allowances such as Business Relief and Agricultural Relief are generating ‘vast discrepancies’ in the amount of IHT paid by families.
25/10/2024
View all >
01/06/2026
Approved Mileage Allowance Payments (AMAPs), Mileage Allowance Relief (MAR) and self-employed mileage
The government has announced increases to AMAPs, MAR and self-employed mileage rates, which will be backdated to 6 April 2026. This is the first uprating of the mileage rates in 15 years.
READ MORE
Crime against business putting growth at risk
Decisive action is needed to tackle the ‘hidden threat’ of crime against businesses damaging growth, according to the British Chambers of Commerce (BCC).
Temporary reduced rate of VAT for children's meals, tickets and family attractions
The government is helping families this summer with the cost-of-living crisis by cutting VAT on attractions and meals out.
Sign up to keep in touch to receive our latest news and industry updates.
* *
Yes, I would like to receive email updates providing me with the latest finance news, advice guides and details of future events.