Inheritance tax (IHT) receipts hit £7bn for the reported financial year so far, amid a warning that public finance and geopolitical pressure could again see the tax in chancellor Rachel Reeves’ crosshairs.
The reported figure represents a £700m increase on the same period, April to January, the previous year. "‘IHT receipts continue to grow strongly with the OBR suggesting significant increases will continue over the next few years," Nucleus technical services director Andrew Tully said. The OBR's £8.3bn estimate for full year 2024/25 would represent a 10.7% increase from last year. "It suggests receipts will increase further in the years to come due to recent policy changes including limits to agricultural and business reliefs and extending the freeze in IHT nil-rate bands to 2029/3...
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