The government has raked in £700,000m from inheritance tax (IHT) in the first month of the new financial year, HM Revenue and Customs (HMRC) data shows.
The HMRC's latest monthly tax bulletin – published today (22 May) – confirms receipts are £85m or 7.2% higher than this time last year. Evelyn Partners tax partners Laura Hayward noted the Office for Budget Responsibility's forecast that the share of deaths resulting in the payment of IHT is set to rise 6.3% in the next four years. "That proportion was as low as 2.7% in 2009/10," she added. "Revenue from IHT and its predecessors has increased over time in real terms from around £2bn in 1980/81 to £7.5bn in 2023/24." Hayward said HM Treasury was also likely to continue raking in mor...
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
