Overview
- HMRC data for 2022–23 shows 31,500 estates paid £6.7 billion, with 4.62% of deaths taxed and an average bill of £212,000.
- London (£1.53bn) and the South East (£1.45bn) together accounted for about 44% of liabilities, reflecting higher asset values and frozen thresholds.
- Kensington generated £154m, Chelsea and Fulham £107m, and Finchley and Golders Green £103m, with Richmond Park recording the most taxed estates.
- At the other end, constituencies such as Cleethorpes, Newport West and South Swindon paid about £3m each, with low totals also seen in parts of the North East, Wales and Northern Ireland.
- Private pensions are scheduled to be counted in estates from April 2027, which experts say could bring about 10,000 more estates into scope and add roughly £34,000 to estate values on average; reports also indicate Labour is considering a lifetime gifting cap of £100k–£200k and removal of taper relief, with advisers urging people not to act hastily.