Chancellor calls for inheritance tax abolition in Autumn Statement 2023

Could The Chancellor Finally Banish the Hated Inheritance Tax?

Jeremy Hunt’s next big move? Nigel Green, the CEO and founder of deVere Group—one of the world’s biggest independent financial advisory and fintech players—has set the stage for a bold statement. He’s calling on the Chancellor to make the call that’s been on everyone’s minds: abolish Inheritance Tax (IHT).

Why Now?

• The Treasury’s coffers are looking healthier: a recent UoBR report shows a tidy £5.5 billion surplus.
• Government borrowing is slipping, and tax income is on the rise.
• It’s “the right moment” according to Green – an opening to strike a chord with voters.

Hunt faces slackers urging for personal tax cuts to tackle inflation, but the IHT scrapping is a move he can afford—and why not?

Taxes, Tax, Tax… the Real Trouble

IHT has earned its nickname of the “most despised tax.” Why? Frozen thresholds and a flat 40% rate are creeping under more families than it was meant for, which were the ultra-wealthy. Even in 2022, almost 40 % of homes sold in England and Wales were above the basic allowance, signaling that many middle‑class families are feeling the crunch.

People can’t help but see it as a double tax, on assets that were already paid for and taxed once before.

The Eye‑Opening Survey

In May, deVere’s survey revealed a startling fact: 72 % of people 50+ with taxable assets didn’t even know the IHT threshold is £325 000. That’s a recipe for shock when the next estate is handed out—especially if a spouse or caretaker didn’t anticipate the bill.