UK public sector net debt since 1700 Share: Source Bank of England; Office for Budget Responsibility. Downloads Public Finances and COVID (69.82 KB) Appears in How did COVID affect government revenues, spending, borrowing and debt? Related content Inheritance tax explained 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. Taxlab Taxes Explained Composition of estates by value, among those reported to HMRC, 2020–21 Taxlab Data Item Distribution of estate values and average effective inheritance tax rate among taxpaying estates worth more than £300,000 and reported to HMRC, 2020–21 Taxlab Data Item Inheritance tax reductions for gifts before death, 2023–24 Taxlab Data Item