Will UK Inheritance Tax Be Abolished?

The income received by the Government from Inheritance Tax in the year ending September 2023 was nearly £4 billion – the chances therefore of it being abolished are, in our opinion, extremely slim!

In June 2023, inheritance tax receipts hit an all-time high, because of the recent rise in interest rates, which are now applied by the Government on all overdue bills.

Labour has advised they will be looking to remove business relief altogether, meaning even greater IHT receipts going forward.

In addition, the current rate above which IHT is paid, has been frozen until 2028, giving whichever government is in power many £billions of revenue, so it is extremely unlikely to envisage that this valuable source of revenue will be abolished any time soon, especially as property prices are still increasing, forcing ever more families over the IHT threshold.