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
Signup and gain exclusive members-only insights
- 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
