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IHT increases could be on the way in next week’s PBR

Increases to inheritance tax could be on the way in the pre-Budget report, according to reports in the Financial Times.

This morning, the paper reports that next week’s PBR will see the Chancellor attempt to reassure the markets by announcing measures to halve the UK’s deficit in four years. It says this will include tax increases for the wealthy.

At this year’s Conservative Party conference in Manchester, the Tories watered down previous commitments to raise the IHT threshold to £1m, suggesting this would now be done during the first term, rather than as a priority.

The current IHT tax threshold for 2009/10 is £325,000 and tax is due on an individual’s estate at 40 per cent on the amount over this level. Industry pundits have predicted an increase  in IHT to 50 per cent, following the Government’s decision to raise the top rate of income tax to 50 per cent in this year’s budget.

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