Inheritance tax (IHT) receipts for April 2024 to July 2024 have surged to £2.8bn, which is £200m higher than the same period last year, latest figures from HM Revenue & Customs (HMRC) reveal.
The increase is ahead of first Labour's first Autumn Budget on 30 October. According to the HMRC, higher receipts from March 2022 due to a combination of higher volumes of wealth transfers following recent IHT-liable deaths and recent rises in asset values. It is also due to the government's March 2021 and Autumn 2022 decisions to maintain the IHT tax free thresholds at their 2020 to 2021 levels up to and including 2027 to 2028. Moreover, higher receipts in June 2022, November 2022, June 2023, and October 2023 can be attributed to a small number of higher-value payments than usual....
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