Inheritance tax take to rocket

INHERITANCE tax revenues are expected to soar by a third by 2023.

The levy brought in £4.8billion during the tax year to April, according to the Treasury’s Red Book – its annual financial forecast.

It is set to rise 35 per cent to £6.5billion by April 2023, thanks largely to house price rises.

This comes despite reforms by former chancellor George Osborne to slash the number of people who pay the 40 per cent tax on an estate by raising the threshold from £325,000 for a single person (or £650,000 for a couple) in April this year to £500,000 (£1million) by April 2020.

John O’Connell, of the TaxPayers’ Alliance, said the tax should be scrapped, adding: ‘It’s deeply immoral for the taxman to take such a big chunk from grieving families, especially after the deceased has paid taxes all their lives.’

Revenues from stamp duty on the sale of properties are also set to soar from £11. billion in April this year to £15.8billion in April 2023 – an increase of 33 per cent.