More than half of British taxpayers now want to see inheritance tax (IHT) abolished entirely, according to a new YouGov poll commissioned by law firm Kingsley Napley.
Support for scrapping the tax has risen to 54%, up from 49% a year ago, signalling growing public resistance despite mounting pressure on the public finances.
Other key findings include:
+ 76% oppose any increase to the current 40% IHT rate (up from 69% in September 2024)
+ 67% support raising the £325,000 tax-free threshold (up slightly from 64%)
Despite these strong views, most people haven’t taken steps to reduce their potential liability. A striking 76% say they’ve either not considered or actively decided against seeking professional advice on inheritance tax—even as more estates are being pulled into its scope.
The findings land just weeks ahead of chancellor Rachel Reeves’ Autumn Budget, where she is expected to maintain current thresholds but potentially tighten exemptions. Rumoured changes include a cap on lifetime gifts, adjustments to tapering rules, and even scrapping the primary residence nil-rate band.
James Ward, partner and head of private client at Kingsley Napley, said: “Inheritance tax is effectively this country’s wealth tax. It is only paid by 1 in 20 estates and whilst it is not a big money spinner for the Treasury in the scheme, it will no doubt be tempting for the Chancellor to squeeze more revenue out of these estates given her other pledges. Ms Reeves is unlikely to give two hoots about growing public opposition to IHT reform, despite the fact it is evenly spread in the voter community. The next election is also likely too far off for her to choose political over economic value in outflanking Farage.”
“We have had a busy summer of clients wanting to estate plan ahead of possible IHT related Budget measures,” James adds. “However interestingly, our research shows that only 5% of the general public have taken advice on mitigating any IHT that may be due on their estate. Many may therefore be missing an opportunity to protect their estates for loved ones left behind. Of course, the irony of any forthcoming Budget measures is that the property market slow down and increased caution of parents gifting to their offspring Bank of Mum & Dad style may mean any IHT changes become an own goal for the Treasury in any event.”
Kingsley Napley is urging those who have not yet reviewed or updated their estate planning ahead of 26th November to do so urgently.
“There is still time to gift out of excess income, set-up trusts or benefit from potentially exempt transfers before these measures are blocked in future,” Ward added.
