Inheritance tax (IHT) receipts for April 2022 to August 2022 were £2.9bn, which is £0.3bn higher than in the same period a year earlier, latest data from HM Revenue & Customs (HMRC) revealed.
The government data also showed receipts in April 2019 were particularly high. HMRC said it reflected announcements of rises to probate fees in England and Wales in 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 HMRC 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 2020 came after the issue had been resolved. HMRC also said that the higher receipts in October 2020 to November 2020...
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