Chancellor Jeremy Hunt’s plan to freeze the tax-free allowance will see bereaved families pay an average of £283,000
The average inheritance tax bill is on track to nearly double in size under Conservative leadership, new analysis shows.
When the Conservatives came to power in 2010, the average amount a family paid in IHT was £165,875.
This has already grown by almost £50,000 to hit £215,652 in 2019-20, the latest year for which HMRC has data on taxed deaths.
But tax firm RSM predicts the average tax bill will balloon to £283,000 in 2027-28 if Chancellor Jeremy Hunt decides to keep IHT thresholds frozen in his Autumn statement on Thursday. It means families will pay tax on the estates of their loved ones totaling £8.9bn in 2027-28 alone.