Calls for the Abolition of Inheritance Tax
It has recently been revealed that HMRC collected a record £4.7bn (2015/16) in inheritance tax receipts during the transitional period before the launch of a new, generous, inheritance tax (IHT) allowance in April 2017. Reports suggest that a significant portion of those receipts stem from families who would have otherwise benefitted from the forthcoming allowance had their relatives not died during this two year transitional period, and this has renewed calls for the tax to be abolished completely.