HMRC issues inheritance tax update as calls made to make system 'fairer'
manchestereveningnews.co.ukThe government has issued its latest update on how much money has been raised through inheritance tax amid calls for major reforms.
HM Revenue and Customs (HMRC) released the latest figures today, confirming that it has raked in more inheritance tax this year than ever before, with £7.5 billion raised from what is often called the "death tax".
This is an increase of £400 million for HMRC in just one year. Despite lots of debate before the Spring Budget around reducing or even scrapping inheritance tax, chancellor Jeremy Hunt has kept the threshold at which the property and capital of dead people is taxed frozen for another year.
If this stealthy approach to taxing estates continues, the Institute for Fiscal Studies have said government revenues could double to £15 billion by 2032. READ MORE: Pensions expert has 'bad news' for millions who will 'wait longer' to retire It is worth remembering that the vast majority of Brits do not pay inheritance tax, which only kicks in on estates worth more than £325,000 with a wide range of exemptions on land, shares, and some pensions.
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