Covid-19: Death Duties and Inheritance Tax

Lord Bhatia Excerpts

Thursday 24th June 2021 Lords Chamber

[Baroness Penn (Con)]

Perhaps I can reassure my noble friend, in that some 94% of estates are forecast to have no inheritance tax liability whatsoever over the next five years. However, inheritance tax does still make an important contribution to funding public services, raising more than £5 billion each year.

[Lord Bhatia (Non-Afl) [V]]

Might increasing VAT be the answer?

[Baroness Penn (Con)]

I am afraid that I could not quite hear the noble Lord’s question, but I would be happy to write to him when I have clarified what he said.