IHT goes 'mainstream' as latest HMRC receipts hit record high

Receipts for April 2022 to March 2023 reach £7.1bn

Jenna Brown
clock • 3 min read

Inheritance tax (IHT) receipts for April 2022 to March 2023 were up £1bn on the previous tax year to £7.1bn, according to latest numbers from HM Revenue & Customs (HMRC).

Estimates released at the last Budget suggested that over the next five years IHT would bring in £38bn.This projection means yearly receipts could exceed £8bn by 2027/28 and 6.7% of deaths would trigger an IHT charge, according to the Office for Budget Responsibility. The latest figures showed income from IHT was up £1bn year-on-year. Canada Life technical director Andrew Tully said: "IHT is no longer a tax only on the wealthiest estates. As these record figures show, IHT has now become a mainstream tax on ordinary people, largely due to house price increases." He added that people...

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

PA360 North: Budget could see Labour make 'controversial decisions'

PA360 North: Budget could see Labour make 'controversial decisions'

Government not afraid to make contentious changes

Jenna Brown
clock 01 October 2024 • 1 min read
How cash savers could be making moves to protect themselves from tax

How cash savers could be making moves to protect themselves from tax

In total last tax year, we paid £1.1trn in tax

Laura Suter
clock 26 September 2024 • 3 min read
IHT receipt rises 'not enough to fill government's black hole'

IHT receipt rises 'not enough to fill government's black hole'

The tax is seen as a likely reform target in October’s Autumn Budget

Jen Frost
clock 20 September 2024 • 3 min read