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

Burnham U-turns on income tax allowance increase suggestion – reports

Burnham U-turns on income tax allowance increase suggestion – reports

Any change would be ‘difficult given the financial circumstances’

Isabel Baxter
clock 22 July 2026 • 2 min read
The pension IHT guidance gap and what advisers should do about it

The pension IHT guidance gap and what advisers should do about it

Full operational guidance won't arrive until spring 2027

Nick Henshaw
clock 21 July 2026 • 3 min read
Chancellor John Healey urged to prioritise tax clarity and stability

Chancellor John Healey urged to prioritise tax clarity and stability

Sixth chancellor in just over four years

Jen Frost
clock 21 July 2026 • 3 min read