IHT receipts up to £5bn, HRMC figures reveal

'Seek regulated financial advice'

Julia Bahr
clock • 3 min read

Inheritance tax (IHT) receipts for April 2021 to January 2022 were £5bn, which is £0.7bn higher than in the same period 12 months earlier, latest data from HM Revenue & Customs (HMRC) revealed.

IHT receipts for April to December 2021 were £4.6bn, according to HRMC data published in January. The government figures also suggested 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...

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