Inheritance tax rises and the Budget: who’s affected?

2024-11-15

In the recent budget, the Chancellor, Rachel Reeves, announced a £40 billion tax increase, pushing tax as a share of national income to an all time UK high.Just 6% of that came from an increase in inheritance tax, and just a small fraction of that will come from farmers. And yet it is the tax increase on farmers that has dominated the news headlines. But beyond the change to agricultural reliefs, there were some other big reforms as well - to pensions and business reliefs.So to discuss how ...

In the recent budget, the Chancellor, Rachel Reeves, announced a £40 billion tax increase, pushing tax as a share of national income to an all time UK high.

Just 6% of that came from an increase in inheritance tax, and just a small fraction of that will come from farmers. And yet it is the tax increase on farmers that has dominated the news headlines. But beyond the change to agricultural reliefs, there were some other big reforms as well - to pensions and business reliefs.

So to discuss how inheritance tax actually changed in the budget, who will be affected and whether it was a good idea, Paul is joined by Helen Miller and David Sturrock, colleagues at the IFS.

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