IHT receipts for the reported tax year so far have hit £5.7bn, a £600m increase on the same period the prior year.
HMRC reported the figures, covering April 2024 to November 2024, this morning (20 December). Experts expect inheritance tax (IHT) receipts to continue on an upwards trajectory in the coming months and years, with Labour having confirmed plans to extend the £325,000 threshold freeze to 2030 and apply IHT to pensions from 6 April 2027. Budget changes and continued tax receipt rises are driving demand for and further solidifying the importance of financial planning, industry sources said. "For those with specific concerns about inheritance tax, strategic financial planning will be cri...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
