Inheritance tax and the spouse exemption: Should it be extended?
Inheritance tax (IHT) is probably the most hated tax. It is payable on savings out of taxed income and takes a sizeable chunk out of the inheritance an individual can leave to their family on death.
Nor is IHT a big revenue raiser. In 2021-22, the tax raised £6.1bn: a measly 0.85% of the total tax revenues of £718.2bn and 1.5% of the income tax take.
In an article for IFA Magazine, Marilyn McKeever, partner in BDB Pitmans’ Private Wealth team, discusses inheritance tax and the spousal exemption as well as questioning whether this should be extended.
The full article is available, here.