The thinktank said the latest figures from HMRC showed fewer than 4% of estates paid inheritance tax (IHT) in 2020–21, but the rapid growth in wealth among older individuals meant this number was set to rise to more than 7% over the next decade.
While London has the most estates liable to pay the tax, hotspots across Sussex, the Cotswolds and around Birmingham will have the greatest number per 100,000 residences.
The authors estimate that if the amount of money bequeathed through inheritances next year were to be equally shared between all 25-year-olds, each would receive about £120,000.
Rishi Sunak is understood to be considering an inheritance tax cut as he attempts to woo voters and create clear dividing lines with Labour.
Nadhim Zahawi, a former chancellor, called inheritance tax “morally wrong” and a “spectre that haunts us alongside death” in an article for the Telegraph in the summer.
The report said: “Taking a longer-term view, the rapid growth of wealth compared with earnings over the past several decades has brought with it questions about the balance of taxation across generations and the growing role of parental wealth transfers in driving differences in life outcomes within today’s working-age generations.
The original article contains 688 words, the summary contains 199 words. Saved 71%. I’m a bot and I’m open source!
This is the best summary I could come up with:
The thinktank said the latest figures from HMRC showed fewer than 4% of estates paid inheritance tax (IHT) in 2020–21, but the rapid growth in wealth among older individuals meant this number was set to rise to more than 7% over the next decade.
While London has the most estates liable to pay the tax, hotspots across Sussex, the Cotswolds and around Birmingham will have the greatest number per 100,000 residences.
The authors estimate that if the amount of money bequeathed through inheritances next year were to be equally shared between all 25-year-olds, each would receive about £120,000.
Rishi Sunak is understood to be considering an inheritance tax cut as he attempts to woo voters and create clear dividing lines with Labour.
Nadhim Zahawi, a former chancellor, called inheritance tax “morally wrong” and a “spectre that haunts us alongside death” in an article for the Telegraph in the summer.
The report said: “Taking a longer-term view, the rapid growth of wealth compared with earnings over the past several decades has brought with it questions about the balance of taxation across generations and the growing role of parental wealth transfers in driving differences in life outcomes within today’s working-age generations.
The original article contains 688 words, the summary contains 199 words. Saved 71%. I’m a bot and I’m open source!