Treasury collects £2.6bn in 13 weeks as IHT receipts rise

Fuelled by record June receipts and rising interest rates

Sahar Nazir
clock • 1 min read

The government netted £2.6bn from inheritance tax (IHT) between April and July 2023, which was £0.2bn higher than in the same period a year earlier, latest official statistics show.

Figures from HM Revenue & Customs (HMRC) showed that receipts in June 2023 were the highest monthly total on record and could also be due to possible effects from the recent rise in interest rates. HMRC said it is obliged to charge on overdue tax bills following the recent increases in the Bank of England base rate. Canada Life tax and estate planning specialist Julia Peake said: "With July receipts for inheritance tax up by almost 6% compared to the same time last year, and June the highest monthly total on record, HMRC is on course for a year of record receipts from IHT." "The OB...

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 Your profession

Women in Financial Advice Awards 2026: Winners' gallery

Women in Financial Advice Awards 2026: Winners' gallery

Championing women in advice and financial services

Professional Adviser
clock 05 November 2026 • 1 min read
Women in Financial Advice Awards 2026: All the winners revealed!

Women in Financial Advice Awards 2026: All the winners revealed!

WIFA 2026 awards were presented at a gala dinner on 4 November

Professional Adviser
clock 05 November 2026 • 12 min read
It's a family affair: How advisers can close the participation gap

It's a family affair: How advisers can close the participation gap

Small changes to everyday conversations and meetings that make the biggest difference

Jenny Davidson
clock 04 November 2026 • 4 min read