In the run-up to the Pre-Budget Report, KPMG says the increase should happen to match the rise in recent years in house prices.
Currently it stands at £263,000.
‘As average house prices have more than doubled over that period, KPMG suggests the Chancellor should announce an increase to £300,000 from 6 April 2005 to start to reduce the ever-increasing numbers of estates subject to inheritance tax,’ said David Kilshaw, a tax partner at KPMG.
Inheritance tax is increasingly becoming a political issue.
The huge rise in house prices over the last few years has pushed many estates above the threshold and left relatives liable to pay a levy on the estate of the deceased.
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy