IHT liabilities hit record £7.03bn in 2023-24 tax year

This was a rise of about £300m or 5% compared to £6.7bn the previous year. The government claimed the rise in IHT tax liabilities compared to previous years is likely due to a combination of "higher volumes of wealth transfers following recent IHT-liable deaths, recent rises in asset values, and the government's decisions to maintain the IHT tax free thresholds at their 2020 to 2021 levels". Additionally, in the 2023 to 2024 tax year, the latest statistics revealed 4.72% of UK deaths resulted in an IHT charge, increasing by 0.10% since the tax year 2022 to 2023. This proportion is ...