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

PA360: AIM investments should be 'more than an IHT planning option'

PA360: AIM investments should be 'more than an IHT planning option'

How AIM is becoming more mainstream in financial planning

Jenna Brown
clock 26 April 2024 • 2 min read
Inheritance tax receipts hit a record of £7.5bn as 2023/24 year ends

Inheritance tax receipts hit a record of £7.5bn as 2023/24 year ends

‘IHT is the tax gift that keeps on giving as record receipts have been banked’

Hope Coumbe
clock 23 April 2024 • 2 min read
Don't let these five tax changes slip through the advice net

Don't let these five tax changes slip through the advice net

Changes to tax policy advisers need to be aware of

David Downie
clock 18 April 2024 • 3 min read