The latest figures from HMRC have revealed a £0.6bn increase in inheritance tax (IHT) receipts in the first half of 2021/22 than in the same period a year earlier.
The government data showed £3.6bn collected was between April and October 2021, a 20% increase on the same period a year earlier. There were dramatically lower receipts at the beginning of the 2020-21 tax year due to a temporary issue with HMRC in relation to Covid-19. This was later resolved. HMRC said higher receipts were expected in October 2020, November 2020, and March to August 2021, "due to higher volumes of wealth transfers that took place during the Covid-19 pandemic". However, it said it could not verify that until full administrative data is available. Shaun Moore, tax and ...
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