Official figures show that inheritance tax payments increased by £4.3 billion in just six months, a rise of 10% compared to the previous financial year. This significant uptick is mainly attributed to frozen thresholds and increasing property prices that push more estates into the inheritance tax bracket.
Chancellor Rachel Reeves faces criticism for her plans to increase inheritance tax further, with concerns that such changes could disproportionately impact middle-class homeowners who may not be prepared for the tax burden.
Despite the fact that only 4% of citizens pay inheritance tax, it remains one of the least favored taxes among voters, highlighting a disconnect between economic policy and public sentiment.
Financial experts assert that the anticipated changes to inheritance tax, coinciding with rising property values and stagnant thresholds, could lead to more estates being liable, potentially straining middle-class families.
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