Inheritance tax nets Government extra £400 million
The Government is set to receive a further £400 million this year from inheritance tax (IHT), new figures have shown.
Despite new regulations, which have raised the IHT threshold for couples to £600,000, an increase in the price of houses is pushing more families above the limit.
Statistics from HM Revenue & Customs now show that it expects to receive about £3.89 billion from IHT this year, which is £400 million higher than last year.
The average family above the £600,000 cut-off point will be paying £111,000.
It is possible that the extra money will go to the armed forces, which were promised £400 million by the chancellor to help with fighting the wars in Afghanistan and Iraq.
According to the Telegraph, "a record number of families will be hit by IHT this year", resulting in the ten per cent increase in revenue.
Source: Fair Investment
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