Inheritance tax in Britain is facing potential increases as Chancellor Rachel Reeves considers measures to address a fiscal gap exceeding £50bn. This includes looking at cuts to thresholds and tougher rules on lifetime gifts, despite Labour's pledge not to increase headline tax rates. Receipts from inheritance tax have surged significantly in recent years, indicating growing concern. Critics highlight that the tax affects not just the wealthy, with rising property values and frozen thresholds impacting many middle-income households.
"Inheritance tax is the most resented tax we encounter - and for good reason. It's viewed as a double taxation on assets that have already been earned, saved, and taxed over a lifetime."
"The belief that inheritance tax only affects the ultra-wealthy is no longer accurate. Rising property prices, frozen thresholds, and the steady erosion of reliefs mean many middle-income households - particularly in areas with high property values - are now caught."
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