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

Why the Scottish Budget means it's time to act to save your pension

Why the Scottish Budget means it's time to act to save your pension

'These changes may mark something of an inflection point'

Drew Nutsford
clock 02 April 2026 • 4 min read
Expect 'painful teething challenges' on IHT overpayments, advisers warn

Expect 'painful teething challenges' on IHT overpayments, advisers warn

Fears HMRC delays could lead to months-long waits

Laura Purkess
clock 02 April 2026 • 2 min read
'The first of many lasts' – Marking a different tax year end

'The first of many lasts' – Marking a different tax year end

Advisers and clients having to digest changes under Labour

Isabel Baxter
clock 01 April 2026 • 5 min read