“Treasury collects £2.6bn in 13 weeks as IHT receipts rise”

Aug 23, 2023 | Tax

An independent (financial adviser’s) view

Any government’s enthusiasm for controlling inflation must be tempered by its benefits to the Treasury. Wages up, tax allowances frozen, more income tax collected. Landlords unable to afford buy-to-let mortgages selling properties, CGT allowances down, more capital gains tax collected. Despite the main residence allowance, which came into full effect just a couple of years ago, the amount of inheritance tax paid has been steadily rising, as have house prices until very recently. And now, another unexpected/probably expected boon for HMRC, who are ‘forced’ to charge interest (at 7%) on late payments of IHT (which has to be settled 6 months after death). And with probate taking several months and houses not so easy to sell, late payments are becoming the commonplace norm. Almost enough to make you believe in conspiracy theories.

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“Rachel Reeves may be forced to raise taxes”

“Rachel Reeves may be forced to raise taxes”

Why did she/they (in the old sense) think that tinkering around with IHT and CGT would be enough to sort out the NHS; and the potholes; and…and the list goes on. My guess is  that they asked the Treasury for a list of anything not involving income tax that they could get away with lightly, although they should already have learned from the winter fuel stuff that all publicity is not good publicity.