Record IHT bill expected
Official data shows British families’ IHT bill will this year exceed £4bn for the first time in history, with experts warning that resentment is building among the growing number of middle-class savers now being forced to pay “death duties”. IHT receipts for the 12 months to February, published by the Office for National Statistics, show this year’s total is on track to be more than a fifth higher than last year, with the Government expected to take £4.6bn in 2015-16 compared to £3.8bn for the same period in 2014-15. At the same time, separate projections from the Office for Budget Responsibility reveal the number of family estates on which IHT must be paid has risen from around 10,000 to more than 40,000 this year. Alan Miller, director at wealth manager SCM Direct, said: “Families paying inheritance tax now and just missing out on the higher allowances have every right to feel resentful. It is a deeply unfair tax as people have already paid income tax on the money they have earned – why should they be taxed again?”
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