IHT receipts up 14% on last year

'Continually rising prices'

Julia Bahr
clock • 3 min read

Inheritance tax (IHT) receipts were £6.1bn during the financial year 2021 to 2022, which is an increase of 14% (£729m) on the financial year before, latest data from HM Revenue & Customs (HMRC) revealed today (28 July).

This the largest single-year rise in IHT receipts since the 2015 to 2016 financial year, when receipts rose by 22% (£848m). In the tax year 2019 to 2020, 3.76% of UK deaths resulted in an IHT charge, increasing slightly by 0.02 percentage points since the previous tax year, 2018 to 2019. This reverses the fall seen last year and is the first rise in this proportion since the tax year 2016 to 2017, HRMC said. The nil rate band has been frozen at £325,000 since 2009 for 17 years and is next up for review in 2026. Shaun Moore, tax and financial planning expert at Quilter said: "Thi...

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