{"id":200492,"date":"2025-12-25T00:20:07","date_gmt":"2025-12-25T00:20:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/200492\/"},"modified":"2025-12-25T00:20:07","modified_gmt":"2025-12-25T00:20:07","slug":"hmrc-set-to-pursue-63000-people-over-their-estates","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/200492\/","title":{"rendered":"HMRC set to pursue 63,000 people over their estates"},"content":{"rendered":"

Chancellor Rachel Reeves has confirmed an extension of the inheritance tax (IHT) freeze.\"HMRCHMRC set to pursue 63,000 people over their estates<\/p>\n

HMRC is set to pursue a staggering 63,000 people over their estates, according to figures. The Labour Party<\/a> Chancellor Rachel Reeves has confirmed an extension of the inheritance tax (IHT) freeze.<\/p>\n

Figures from the Office for Budget Responsibility (OBR) show the share of estates liable for IHT will rise from around 5% today to 9.3% by 2030-31 \u2013 meaning the number of families paying the 40% death duty will double over the decade.<\/p>\n

The OBR forecasts 63,100 estates will be hit by IHT in 2030-31, up from around 32,200 this year. The freeze – now extended until 2031 – is set to raise a record \u00a314.5bn.<\/p>\n

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Richard Fuller, the Tory shadow chief secretary to the Treasury, said: “Not content with hammering working people, Labour are now coming for those who have worked hard and saved right at the end of their lives, with a stealth increase in inheritance tax that means that the number of estates paying the tax will almost double. Reeves is clearly out of her depth.\u201d<\/p>\n

Rachael Griffin, of wealth manager Quilter, said: \u201cInheritance tax is one of Britain\u2019s most hated taxes.<\/p>\n

“What was once a tax on only the wealthiest families will increasingly impact those with even relatively modest estates, who after a decade of frozen thresholds alongside rising house prices will be snagged by the tax.<\/p>\n

“Add to that the significant changes coming in April 2027, and the government looks set to cash in on an ever-expanding pool of taxpayers.\u201d<\/p>\n

Ian Dyall of Evelyn Partners warned: \u201cWednesday\u2019s update means another year when protection against inheritance tax will shrink in real terms.<\/p>\n

“That should act as a warning shot for all families facing growing inheritance tax liabilities to take steps now so loved ones get to keep more of the family assets.\u201d<\/p>\n

Michelle Holgate, financial planning director at RBC Brewin Dolphin, said: \u201cNearly three-quarters of wealthy individuals have never made a financial gift.<\/p>\n

“Too many people wait until death before passing on their assets when it can be far more tax-efficient to gift money while alive \u2013 and you get the bonus of seeing loved ones benefit.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Chancellor Rachel Reeves has confirmed an extension of the inheritance tax (IHT) freeze.HMRC set to pursue 63,000 people…\n","protected":false},"author":2,"featured_media":200493,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[138,246,7209,111,139,69,244,245],"class_list":{"0":"post-200492","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-finance","10":"tag-hmrc","11":"tag-new-zealand","12":"tag-newzealand","13":"tag-nz","14":"tag-personal-finance","15":"tag-personalfinance"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/200492","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=200492"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/200492\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/200493"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=200492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=200492"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=200492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}