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

IHT reform 'unnecessarily complex': Agricultural and Business Property Relief plans under the microscope

IHT reform 'unnecessarily complex': Agricultural and Business Property Relief plans under the microscope

'The government has demonstrated some recognition that paying the IHT on qualifying assets may be difficult'

Sarah Wray
clock 18 March 2025 • 4 min read
Myth-busting HNW clients' most common misconceptions

Myth-busting HNW clients' most common misconceptions

‘I heard it from my mate down the pub…’

Rick Gosling
clock 13 March 2025 • 5 min read
Passing on wealth: How IHT changes will affect pension planning

Passing on wealth: How IHT changes will affect pension planning

'Change could result in significantly higher tax liabilities '

Joshua Croft
clock 11 March 2025 • 4 min read