Inheritance tax receipts on track for 'record-breaking year'

Receipts for April to November 2022 were £4.8bn

Jenna Brown
clock • 1 min read

HM Revenue & Customs (HMRC) is set to record a record-breaking amount of income from inheritance tax (IHT) this year, official figures show.

HMRC's latest update, released today (21 December) showed receipts for April 2022 to November 2022 were £4.8bn, which is £0.6bn higher than in the same period last year. Previous updates have shown a similar pattern in IHT proceeds. Canada Life technical director Andrew Tully said: "The latest IHT receipts show we are on for a record-breaking year. With thresholds frozen until at least April 2028, more estates will be coming in from the cold and will likely be caught in this widening tax net, and this is despite predicted house price falls in 2023. "Financial advisers will be helping ...

To continue reading this article...

Join Professional Adviser

  • 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 Tax planning

The myths leaving unmarried couples financially exposed

The myths leaving unmarried couples financially exposed

Helping clients bust the so-called ‘common law marriage’ myth

Andy Woollon
clock 24 November 2023 • 5 min read
Kirsty O'Connor/HM Treasury

Advisers express dismay over IHT Autumn Statement absence

PA speaks to advisers about yesterday’s Autumn Statement

Sahar Nazir
clock 23 November 2023 • 3 min read
The government said it will extend them by a decade to 6 April 2023, after the Treasury confirmed last month the clauses would be expanded to April 2025.

Autumn Statement 23: VCT and EIS sunset clauses extended by a decade

To April 2035

Cristian Angeloni
clock 22 November 2023 • 2 min read