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Inheritance Tax

Volume 449: debated on Wednesday 19 July 2006

To ask the Chancellor of the Exchequer what the effect on income from inheritance tax would be if the threshold for payment was raised to (a) £500,000, (b) £1 million and (c) £2.5 million. (85375)

[holding answer 14 July 2006]: Raising the inheritance tax threshold with effect from 2007-08 would have the following effect on forecast revenue:

£ billion

Reduction in receipts from raising threshold to

(a) £500,000

(b) £1 million

(c) £2.5 million

2007-08

0.7

1.2

1.6

2008-09

1.6

2.7

3.4

2009-10

1.7

3.1

3.8

2010-11

1.8

3.3

4.1