Is IHT next for U-turn as revenue drops for first time in a decade?

Revenues from Inheritance tax (IHT) receipts fell for the first time in a decade in 2019/20 in the UK, a point that could prompt another UK government U-turn, according to commentators. According to government statistics, HMRC raked in £5.2 billion from IHT in 2019/20, down 4% (£223 million) compared to the previous tax year, partially thanks to the introduction of the main residence nil-rate band in 2017/18. As a result, Tom Selby, senior analyst at AJ Bell, IHT could be in Chancellor Rishi Sunak's cross-hairs ahead of Autumn Budget, as the current UK chancellor looks for quick-fix s...