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 ...

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