Note: ‘Day-to-day public services’ is defined here as total managed expenditure less spending on social security, net debt interest and public sector net investment. The shaded section shows forecasts consistent with the March 2023 Budget.
Source: IFS spending composition spreadsheet, available here.
Inheritance tax is levied on wealth bequeathed at death, or given away shortly before death, above a threshold. Around 5% of all deaths attracted inheritance tax in 2022–23.