Record IHT receipts up 16% year-on-year with £0.9bn increase

Running total for 2022/23 now £6.4bn, surpassing last year’s final figure

Jenna Brown
clock • 4 min read

Inheritance tax (IHT) receipts for April 2022 to February 2023 were £6.4bn, which is an increase of £0.9bn compared to the same period last year, latest government data showed.

Statistics from HM Revenue & Customs (HMRC) revealed February 2023 receipts totalled £531m meaning the tax take for 2022/23 to date stands at £6.4bn. This figure already beats the £6.1bn received by the Treasury throughout the entire 2021/22 financial year by £353m, provider Just said. It comes after last week's revision by the Office for Budget Responsibility which projected future IHT with estimates that between 2022/23 and 2027/28, the Treasury would net almost £3bn more than previously forecast. Just said the projected total IHT tax take by 2027/2028 sits at £45bn, compared to ...

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 Tax planning

Govt mulls introducing lifetime limit on IHT gifting – report

Govt mulls introducing lifetime limit on IHT gifting – report

Treasury also reviewing rules around taper rate

Jenna Brown
clock 13 August 2025 • 4 min read
Phillip Wickenden: Frozen thresholds and the art of distraction

Phillip Wickenden: Frozen thresholds and the art of distraction

'In truth, the biggest "tax rise" coming our way is already happening'

Phillip Wickenden
clock 07 August 2025 • 5 min read
UK tax shake-up: Why the wealthy are looking elsewhere

UK tax shake-up: Why the wealthy are looking elsewhere

‘These reforms represent a profound shift in the UK’s stance on international wealth’

Eamon Shahir
clock 04 August 2025 • 4 min read