Government raises £701m from inheritance tax receipts in May

Latest data today (21 June) confirms the hotly debated tax raised £701m in May, meaning the tax take so far for the financial year is £200m higher than in the same period in 2023/24. "The Office for Budget Responsibility's forecast paints IHT as an increasingly lucrative source of income for the government with its latest revision expecting receipts to rise to an estimated £9.7bn by 2028/29, driven by a combination of frozen thresholds and house price growth tipping more estates over the threshold," Just Group group communications director Stephen Lowe said. With the general election ...