Both the number of persons who are expected to pay more and the amount of the increase are unknown.
The chancellor and prime minister are reportedly discussing a number of modifications to the tax, which presently offers a number of exclusions and reliefs.
40% of a deceased person’s property, belongings, and money over £325,000 are subject to inheritance tax.
It brings in roughly £7 billion annually for the government.
Inheritance taxes are assessed in about 4% of deaths.
Over time, several governments have contemplated altering the tax’s numerous exemptions in order to do it.
Changes to several of these are reportedly being considered.
Rules pertaining to gifts given while you are alive are among the current exemptions and reliefs.
Recipients may be required to pay inheritance tax if a person donates more than £325,000 in cash or gifts and passes away within seven years.
Additionally, there is Agricultural Relief, which exempts land or pasture used for raising cattle or growing crops from inheritance tax, and Business Relief, which exempts businesses from inheritance tax.
