Treasury rakes in £1.2bn in inheritance tax in first eight weeks of 2023/24

Figures are a 13% increase from the £1.1bn collected this time last year

Hope William-Smith
clock • 1 min read

HM Treasury has collected £1.2bn in inheritance tax (IHT) since 6 April – a 13% increase on what it had collected at the equivalent point in last financial year’s record breaking 12 months.

HM Revenue & Customs (HMRC) figures for 2023/24 show IHT records are on track to be broken again, with the Office for Budget Responsibility forecasting the tax will raise £7.2bn for the government by next March. Just Group group communications director and retirement specialist Stephen Lowe said IHT was "the gift that keeps on giving for the chancellor". Quilter tax and financial planning expert Rachael Griffin added the £7.1bn brought in last year was indeed likely to be overtaken again with IHT having "increased significantly in recent years" on the government's list of most lucrati...

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

Business owners' estates: When cash can be a problem

Business owners' estates: When cash can be a problem

A complex, often overlooked threat

Andrew Aldridge
clock 11 July 2025 • 4 min read
IHT/pensions shake-up threatens SME commercial property owners

IHT/pensions shake-up threatens SME commercial property owners

Evelyn Partners warns thousands of businesses are at greater risk

Jenna Brown
clock 07 July 2025 • 4 min read
Business property relief changes: What advisers need to know

Business property relief changes: What advisers need to know

'The first thing every business owner should do is review their current BPR position'

Stephen Kenny
clock 07 July 2025 • 5 min read