Government raises £701m from inheritance tax receipts in May

‘Neither of the two main political parties have mentioned it’

Hope Coumbe
clock • 2 min read

A lucrative May means inheritance tax (IHT) receipts have hit £1.4bn in just the first two months of the 2024/25 financial year, HM Revenue and Customs figures show.

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 ...

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

May CGT receipts bring in £64m less than last year

May CGT receipts bring in £64m less than last year

CGT receipts reached £168m compared to £232m last year

Sophia Panayi
clock 19 June 2026 • 2 min read
IHT receipts dip again in May to £1.4bn but 'direction of travel' clear

IHT receipts dip again in May to £1.4bn but 'direction of travel' clear

More estates will fall into scope as thresholds remain frozen

Jenna Brown
clock 19 June 2026 • 2 min read
The quiet expansion of savings income tax: Why 2027 is closer, and costlier than it looks

The quiet expansion of savings income tax: Why 2027 is closer, and costlier than it looks

'This isn't a dramatic tax shock; it's a gradual squeeze'

Michael Edwards
clock 18 June 2026 • 3 min read