Inheritance tax (IHT) receipts for April to December last year were £4.6 bn, some £0.6 bn higher than in the same period 12 months earlier, latest figures from HM Revenue & Customs (HMRC) revealed.
The government data also showed receipts in April 2017 to May 2017 and March 2019 and April 2019 were particularly high. HRMC said it reflected announcements of rises to probate fees in England and Wales in February 2017 and November 2018 and is likely to have caused executors to bring forward tax payments to avoid the prospect of higher fees. Due to a temporary issue with HRMC in relation to Covid-19, cheques for payment of IHT could not be accepted, which caused IHT receipts to be lower in April and May 2020. The peak in June came after the issue had been resolved. "The lates...
To continue reading this article...
Join Professional Adviser
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence.
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters.
- Make smart business decisions with the latest developments in regulation, investing retirement and protection.
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes.
