Inheritance tax (IHT) could be the first tax to rise as the UK government looks to get money back into its coffers, tax and advisory firm, Blick Rothenberg has warned.
According to Robert Pullen, a partner at the firm, the UK government was already turning their attention to inheritance tax, even before the Pandemic and it is now likely one of the taxes that the Chancellor will use to get money back into the Exchequer.
“It is possible that the government could increase inheritance taxes across the board, or slash the allowances,” he said. “Interestingly, it was after WW2 when inheritance tax was eventually cranked...