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Inheritance tax will make £800m more than expected, says OBR

  • 25/03/2014
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The Office for Budget Responsibility (OBR) has revised its calculation of how much inheritance tax will be paid between now and 2018 by £800m, just three months after it last issued the figures.

In December when George Osborne delivered his Autumn Statement the OBR said inheritance tax take would rise dramatically over future years. It would go from £3.1bn in 2012-2013 to £5.6bn in 2018-19.

Those figures were published on 5 December.

Just three months later, for the Chancellor’s full Budget, the updated numbers were included in the notes of the OBR’s Fiscal Outlook. Now it appears IHT will raise some £100m to £200m more per year than previously thought, the Daily Telegraph reports.

In total, the amount of inheritance tax expected to be paid between now and the tax year ending April 2019 has grown by £800m, or between £100m and £200m per year.

The figures are pertinent as yesterday David Cameron, the Prime Minister, told an audience he remained committed to lifting the nil rate band threshold to £1m.

The threshold is currently £325,000 per person, where it has remained since 2009.

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