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

Spring Budget decisions motivating client push for more tax efficiency

Spring Budget decisions motivating client push for more tax efficiency

‘Frozen thresholds are impacting on bonds positively’

Hope Coumbe
clock 16 May 2024 • 1 min read
CGT: Clients need 'different wrappers at different times'

CGT: Clients need 'different wrappers at different times'

A platform offers the opportunity to invest in multiple tax wrappers

Barry Foster
clock 14 May 2024 • 4 min read
Business Relief in IHT planning set to become 'even more important'

Business Relief in IHT planning set to become 'even more important'

Advisers expect to see an increase in unquoted BR in IHT planning

Isabel Baxter
clock 09 May 2024 • 1 min read