Autumn Statement 23: IHT left unchanged after rumoured overhaul
Copyright HM Treasury
Addressing the House of Commons today, Hunt failed to mention IHT in his tax-cutting statement which instead focused on business tax breaks and cuts to National Insurance.
IHT changes had been trailed in the weeks coming up to today's speech. However, he did not push ahead with the plans following backlash from campaign groups and from MPs within the Conservative party.
It was previously reported that Hunt was considering cutting IHT from 40% to 20%, however, this did not materialise today.
Wedlake Bell partner and head of private client Caroline Miller said: «Given its reputation as one of the most hated taxes in Britain, many will be surprised that Jeremy Hunt has declined to cut or abolish IHT, a widely expected announcement that would not only have been popular with voters but would not cost the Exchequer too dearly.
»It is possible that any IHT cuts or reforms will instead be saved for the 2024 Spring Budget to make them more impactful in the run-up to the general election, in which case, unless introduced immediately (which would be unusual but not unheard of), taxpayers are unlikely to benefit until there is time to implement the policies after the election.
«If the Labour party win, they have made it clear they are not in favour of any sort of IHT cut, so whether or not there will in, in reality, be any abolition or significant concessions in respect of IHT remains very much up in the air.
»For many people and particularly businesses, while there are welcome measures in this speech, it will likely not address a feeling of instability and uncertainty surrounding tax policy as we approach the 2024 general election.
«These feelings of uncertainties may cause many people, especially high net
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