IHT receipts rise 15% year-on-year as tax take reaches £5.9bn

Canada Life technical director Andrew Tully said the £5.9bn total tax take from IHT was 15% higher than the same period last year. "There is no ignoring the fact that we are moving in an upward trend and are on track to break last year's record of £6.1bn by more than 10%. The OBR predicted last November that IHT receipts would keep growing to reach £7.8bn by 2027/28." Tully explained the current tax-free allowance of £325,000 is frozen until 2027/28. "This freeze, plus house prices skyrocketing in recent years, and soaring inflation, mean that more and more families could face an unfo...