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

Andrew Goodwin: It's time for advisers to think differently about innovation

Andrew Goodwin: It's time for advisers to think differently about innovation

'Ours is still a profession that rightly places enormous emphasis on the human touch, relationships and trust'

Andrew Goodwin
clock 04 July 2025 • 4 min read
Altus' Holford urges advisers to reframe concept of advice gap

Altus' Holford urges advisers to reframe concept of advice gap

Traditional models of value, service and delivery are being challenged

Sahar Nazir
clock 04 July 2025 • 2 min read
PA Asks: Do you keep in touch with clients when on holiday?

PA Asks: Do you keep in touch with clients when on holiday?

Plus, targeted support worries and BDMs

Professional Adviser
clock 04 July 2025 • 1 min read