IHT tax take on course for record-breaking year as receipts rise again

Treasury collected £133m per week in IHT tax so far this year

Jenna Brown
clock • 4 min read

Inheritance tax (IHT) netted £3.2bn for the Treasury between April and August this year, up £0.3bn on the previous period last year, according to latest figures from the government.

The total IHT tax take for the 2022/23 tax year was £7.1bn. Industry experts pointed out this meant that the total take was "well on course to break new records and could come close to £8bn". Quilter tax and financial planning expert Rachael Griffin said: "This increasing revenue causes a policy conundrum for the government as election season draws nearer and more Tory backbenchers call for IHT reform or its abolition as a vote-winning tactic. Increasing the IHT threshold to £1m is one of the latest to be tabled, and while it would likely be a crowd pleaser, the government might be less ...

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

Finance Act 2006 turns 20: Why adviser awareness is critical

Finance Act 2006 turns 20: Why adviser awareness is critical

Planning considerations for new trusts

Julia Kiff-Brown
clock 11 February 2026 • 6 min read
Onshore bonds are back – but who is leading the call for their return?

Onshore bonds are back – but who is leading the call for their return?

'Innovation, as ever in financial services, starts by looking in the rear-view mirror'

clock 11 February 2026 • 5 min read
Simple savings vehicle for disabled clients welcomed as 'groundbreaking'

Simple savings vehicle for disabled clients welcomed as 'groundbreaking'

Potential to widen access ‘if implemented well’

clock 05 February 2026 • 4 min read