Inheritance Tax

HM Treasury written question – answered on 11th March 2015.

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Photo of Lord Campbell-Savours Lord Campbell-Savours Labour

To ask Her Majesty’s Government what estimate they have made of the gain to the Exchequer of ending relief against tax to gifts made up to seven years prior to death.

Photo of Lord Deighton Lord Deighton The Commercial Secretary to the Treasury

HM Revenue and Customs’ (HMRC’s) most recent estimate of the cost to the Exchequer of providing Taper Relief on transfers made between three and seven years before death was that this relief cost £25 million in 2013-14 and will cost £25 million in 2014-15[1].

[1] This information was published in December 2014 at:

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/389545/20141231_minorallowances_reliefs_v0.4.pdf

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