IHT take up again as firms chew over potential Labour reforms

HMRC reveals inheritance tax receipts up £83m to £2.1bn

Jen Frost
clock • 2 min read

Speculation over how Labour will tackle Inheritance Tax (IHT) continues to abound, with take up again for the latest reported quarter.

IHT receipts hit £2.1bn for April 2024 to June 2024, representing an £83m increase on the same period the prior year, as per HMRC official figures. It remains to be seen how Labour Prime Minister Keir Starmer and Chancellor Rachel Reeves will look to address the tax, but speculation remains rampant. Financial advice professionals will be awaiting the new government's plans for IHT, which some have labelled a "stealth tax", with bated breath. The government has an "urgent task at hand" to simplify the IHT system, Abrdn head of savings policy Alastair Black said this morning (19 July). ...

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

Pension reform and IHT: Why advisers are turning to EIS

Pension reform and IHT: Why advisers are turning to EIS

'As pensions lose some of their tax advantages, EIS is coming to the fore in estate planning conversations'

Moray Wright
clock 26 August 2025 • 4 min read
Making Tax Digital: What the scheme means for working Brits (and advisers)

Making Tax Digital: What the scheme means for working Brits (and advisers)

MTD initiative is aimed at modernising and simplifying the tax system

Arjun Kumar
clock 26 August 2025 • 4 min read
Pensions and IHT - is gifting the best option?

Pensions and IHT - is gifting the best option?

‘Advice will be more valuable than ever’

Lisa Webster
clock 22 August 2025 • 3 min read