Gifting regime 'overhaul' feared as IHT take climbs again

IHT receipts rise to £7bn for financial year so far

Jen Frost
clock • 4 min read

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...

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

Jen Frost
Author spotlight

Jen Frost

Editor at Professional Adviser

More on Tax planning

State pension age income taxpayer numbers continue to rise

State pension age income taxpayer numbers continue to rise

HMRC predicts numbers to hit 9 million in 2026/27

Sophia Panayi
clock 15 July 2026 • 2 min read
IHT on pensions: Why the compliance challenge is bigger than the tax change

IHT on pensions: Why the compliance challenge is bigger than the tax change

Advisers are revisiting long-held assumptions

Lauren Kiley
clock 08 July 2026 • 4 min read
OBR forecasts rise in IHT and CGT take as ageing population increases

OBR forecasts rise in IHT and CGT take as ageing population increases

Expected to increase from 1.4% to 2.2% of GDP

Isabel Baxter
clock 08 July 2026 • 2 min read