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HMRC set to pull in £1bn extra IHT

17-11-2021

Experts have suggested people should look to reduce their exposure to inheritance tax as the amount HMRC takes from the levy is set to jump over the next five years. While the average IHT bill is £210,000, this is set to climb sharply after Chancellor Rishi Sunak froze nil-rate thresholds until 2026 in his Budget in March. The move will hand the tax office an extra £1bn by 2025/26, on top of the record £6bn a year it currently generates. Paul Barham of Mazars says the freeze is a tax hike in disguise, arguing that it “disregards the pace at which house price are increasing and growth shows no sign of slowing down."

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