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In the recent budget, Chancellor Rachel Reeves announced a £40 billion tax increase, pushing tax as a share of national income to an all time UK high.
Just 6% of that came from an increase in inheritance tax, and just a small fraction of that will come from farmers. And yet it is the tax increase on farmers that has dominated the news headlines. But beyond the change to agricultural reliefs, there were some other big reforms as well - to pensions and business reliefs.
So to discuss how inheritance tax actually changed in the budget, who will be affected and whether it was a good idea, Paul is joined by Helen Miller and David Sturrock, colleagues at the IFS.
Zooming In: discussion questions
Every week, we share a set of questions designed for A Level economics students to discuss, written by teacher Will Haines.
1. What is the current rate of inheritance tax in the UK?
2. Explain the main changes to inheritance tax outlined in the recent Budget.
3. Having listened to this episode, what changes, if any, would you make to inheritance tax in the UK. Please justify your answer.