IHT receipts continue to rise as government nets £6.8bn

Latest figures from HMRC show tax take continues to soar

Jenna Brown
clock • 1 min read

Inheritance tax (IHT) receipts from April 2023 to February 2024 were £6.8bn - £0.4bn higher than in the same period a year earlier, latest official figures show.

The Office for Budget Responsibility (OBR) recently forecast IHT receipts will increase by 37% and could by 2028/29 potentially deliver £9.7bn to HM Treasury, driven by growth in asset prices, including shares and property.  Canada Life technical manager, tax, trusts and estate planning Stacey Love pointed out that IHT "is largely a discretionary tax, in that many estates may not have to pay it at all if the various exemptions and gifts are used appropriately".  "This is an area of planning where it really does pay to seek appropriate financial advice," she said.  The tax expert sa...

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