Investment - Articles - OBR upgrades IHT take by over GBP2.4bn by end of decade

 In comparison the estimates made at the Autumn Budget, it now means that the Treasury is set to benefit from a further £2.44 billion boost from Inheritance Tax in this Parliament.

 Stephen Lowe, Director at retirement specialist Just Group, said: “The OBR’s forecasts once more uprated the forecasted Inheritance Tax take and now estimate that the levy will raise an additional £2.44 billion by the end of the decade. Frozen thresholds and rising asset prices have long been increasing the Inheritance Tax haul and from next month the reforms announced at the Autumn Budget will be accelerating this trend.

 “With approximately one in 10 (9.7%) deaths forecast to incur IHT on the estate by 2029-30, it is clear that the tax is no longer restricted to the very wealthy and is beginning to take a bigger bite of Middle Britain’s wealth. We encourage people to make sure they have an up-to-date valuation of their estate, including a recent assessment of their property wealth, to help them understand if they are likely to incur IHT. Estate planning is complex and professional financial advice can be immensely helpful for people who want to manage their estate efficiently and pass on the maximum inheritance to loved ones.”