Inheritance tax (IHT) take has climbed again, but industry watchers have cautioned that this is not enough to fill a public finance “black hole” identified by Chancellor Rachel Reeves.
IHT receipts for August to April 2024 sat at £3.5bn, a £300,000 rise on the same period last year. This is according to figures released by HM Revenue and Customs (HMRC) this morning (20 September). Total tax receipts for the period were £342.2bn, an £8.9bn increase year-over-year. "Rising IHT receipts are a fact of life for the Treasury but even at the current rate of 9.4% on the year they aren't rising fast enough to help fill the ‘black hole' that the government says it has identified in the public finances," said Evelyn Partners tax partner Laura Hayward. DC pension pots and farmi...
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