IHT receipts up 54% year-on-year in April and May

HMRC said the 54% year-on-year hike could be the result of"high volumes of wealth transfers that took place during the Covid-19 pandemic". That said, the taxman could not verify that theory until more data becomes available. The data also revealed full-year IHT receipts of £5,326 million for 2020-2021. A £204 million increase from the year before. In the Spring budget earlier this year, Chancellor of the Exchequer Rishi Sunak imposed tax freezes on both inheritance and capital gains tax until 2026, which some have referred to as a ‘stealth' mechanism that will see IHT bills increas...