Grandmother showing a photo album to granddaughters. (Image: Getty)
Rachel Reeves has faced renewed calls to scrap “Britain’s most hated tax” after the country’s inheritance tax receipts ballooned.
Inheritance tax (IHT) bills totalled ￡6.3 billion in the nine months to December - ￡600million higher than the same period the previous year.
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John O’Connell, chief executive of the TaxPayers’ Alliance, said: “Britain’s most hated tax is only going to cause greater fury over the coming years as receipts are set to climb, due to the surge in the number of taxpayers being dragged into its net.
“An increase in house prices and years of frozen thresholds means the misery of inheritance tax is visiting ever more households just as they’re grieving.
“Far from just a u-turn on changes to agricultural and business property relief, Labour should scrap inheritance tax once and for all.”
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The Office for Budget Responsibility expects the inheritance tax bill to hit ￡8.3billion in 2024-25 and an eye-watering ￡13.9billion in 2029-30.
Nicholas Hyett, Investment Manager at Wealth Club, said: “Inheritance tax continues to be something of a golden goose for HMRC – with a tax take that seems to rise inexorably. It may only affect a small number of estates at present, but that number is growing all the time - suggesting “Britain’s most hated tax” is only set to become more unpopular.
“What really gets to many people about inheritance tax is the double taxation. You’re taxed on the money when you earn it and again when you die, resulting in combined income tax and inheritance tax rate of 67% for additional rate tax payers – potentially more if you’re also paying National Insurance.”
There were a number of changes to inheritance tax at the Chancellor’s first budget in October.
Sir Keir Starmer's government is ramping up efforts to spur growth. (Image: Getty)
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This included an extension to the freeze on IHT thresholds, which have been frozen for a further two years until 2030.
Around 4% of deaths result in an IHT charge but this could rise to 10% by 2030
Agricultural Relief and Business Property Relief have been reformed, meaning that from April 2026, the first ￡1million of qualifying combined assets will have no inheritance tax at all, but for assets over ￡1million a 50% relief will apply, at an effective rate of 20%.
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And from April 2027, inherited pensions could be subject to inheritance tax.
Sarah Jordan, of law firm Moore Barlow, said: "The record-breaking inheritance tax bill underscores the growing financial burden on families and raises important questions about the future of estate taxation in the UK.
“As property prices continue to rise and the nil-rate band remains frozen, more families than ever are being pulled into the IHT net—often without realising the impact until it’s too late. This is a clear indication that the system is in urgent need of reform to better reflect modern wealth distribution and ensure that families are not unfairly penalised.”