Inheritance Tax Reforms in Budget

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lower Inheritance Tax rate

LSE Blogs

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Inheritance tax needs reform both for fairness and efficiency

Summary

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89% Informative

James Forrester argues that the many tax reliefs mean that only a fraction of estates that qualify for inheritance tax end up paying the current tax rate of 40 per cent , with some paying as little as 4 per cent .

In a new report, we consider a range of reforms that could raise revenue for the Exchequer .

Between 2018 and 2020 , an average of 2.2 billion per year was provided in Business Relief to around 3,400 estates per year.

The vast majority of this relief ( 1.9 billion annually , 83 per cent ) was provided to fewer than 800 estates that each claimed more than 500,000 .

The benefits of these reliefs are also concentrated among a small number of large estates.

A new report considers a range of reforms to limit reliefs that currently benefit the largest estates.

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formal

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English