IHT receipts up £0.7bn, HMRC data reveals

‘More people are dragged into the IHT net’

Ayesha Venkataraman
clock • 4 min read

Inheritance tax (IHT) receipts for April 2021 to March 2022 were £6.1bn, which is £0.7bn higher than in the same period 12 months earlier, latest data 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. HMRC also sai...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Building trust: How to support clients going through a divorce

Building trust: How to support clients going through a divorce

'Hardest part of our job is telling the client what they don't want to hear'

Tamara Glanvill
clock 14 June 2024 • 4 min read
Majority of un-advised with stock investments have no financial plan

Majority of un-advised with stock investments have no financial plan

‘Many are realising the need for expert financial support in later life’

Hope Coumbe
clock 12 June 2024 • 1 min read
Financial wellbeing — what are advisers and planners measuring?

Financial wellbeing — what are advisers and planners measuring?

'Money should be our servant, and not our master'

Chris Budd
clock 12 June 2024 • 3 min read