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...

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