Inheritance tax debunked: Loopholes, rules and 2024 changes explained

Changes to inheritance tax may be coming in Wednesday’s Budget announcement (Picture: Getty Images)Sir Keir Starmer’s Labour government is preparing to unveil its first Budget on Wednesday, and changes to inheritance tax are expected to play a role.The tax doesn’t raise much for the Treasury – around £7.5 billion most recently, or 0.3% of national income – and Chancellor Rachel Reeves may be tempted to push that a little higher.So what is inheritance tax, and