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Britons are already paying extra inheritance tax as Rachel Reeves looks to squeeze hundreds of thousands extra from the levy, official figures show.
Payments swelled the Treasury’s coffers by £4.3bn in the six months since April, £400m greater than in the identical interval in the earlier monetary 12 months and an increase of 10 per cent, new knowledge from HM Revenue and Customs exhibits.
The chancellor Rachel Reeves has been warned that her plan to hike the tax at subsequent week’s Budget dangers punishing middle-class owners.
Ministers are contemplating how they’ll get extra money from what critics have denounced as the “death tax”, which raises round £7bn for the Treasury every year.
The tax is routinely discovered to be one in every of voters’ least favorite measures, regardless of simply 4 per cent of individuals paying it.
Stephen Lowe, from retirement specialists Just Group, mentioned: “Halfway through the tax year, the continued increase in IHT (inheritance tax) receipts comes as no surprise. With thresholds frozen and property prices still climbing, more estates are being drawn into the scope of IHT.
“Ahead of the much-anticipated Autumn Budget, rumours abound that inheritance tax could be under review as the government looks for ways to boost revenue and fill its fiscal ‘black hole’. Whether or not changes are introduced, it’s vital that people understand where their estate stands in relation to the current IHT threshold.”
Nicholas Hyett, funding supervisor on the firm Wealth Club, mentioned: “Inheritance tax is an absolute cash cow for His Majesty’s Revenue and Customs, which is why it remains in the spotlight ahead of next weeks’ Autumn Budget. No one knows what changes will be announced, but most agree there will be some attempt to milk more revenue from estates.
“The great thing about inheritance tax from the government’s point of view is that it’s complicated, with a whole host of rules that could be tweaked to boost the tax take.
Whilst this may only affect a minority of people, it will infuriate those it does and could still do serious economic damage.”
He added: “Throwing the kitchen sink at IHT may be good politics in the short term, but it risks doing long run damage.”
The Treasury and HMRC have been approached for remark.
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