Inheritance tax UK: Number of estates who’ll pay IHT could jump – state ‘coffers’ may rise

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In any case, on November 25 the Office for Budget Responsibility (OBR), in combination with the Chancellors pay out review, released their economic and fiscal outlook for November 2020.

Within their miscellaneous data releases, fiscal receipts and official predictions were rationed and according to projected estimates based on 2017-18 IHT returns using financial assumptions consistent with the November outlook, it was detailed the number of deaths branch of knowledge to IHT is expected to rise to 30,400 in 2020/21, up from 25,200 in 2019/20.

The same foresee predicts a drop over the next couple of years or so but then it may continuingly go up through to 2026.

These findings caught the eye of Rebecca O’Connor, the Head of Golden handshake cause to retires and Savings at interactive investor, who had the following to say: “The OBR has forecast a 20 percent increase in the number of deaths subject to inheritance tax from 25,200 in 2019/20 to 30,400 this year, investigating the rise in deaths due to the pandemic.

READ MORE: Inheritance tax: Probate switches create ‘a total shambles’ – be aware

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