IHT receipts rise by £200m year-on-year in July

Inheritance tax (IHT) receipts have increased by £200m year-on-year in July, taking the amount collected in IHT to £2.8bn in the current financial year. (Source Money Age)

HM Revenue and Customs (HMRC) reported that this amount was collected between April and July 2024. The increase in inheritance tax (IHT) collected is due to several factors: a higher volume of wealth transfers following recent deaths that were subject to IHT, recent increases in asset values, and the previous government’s decision to freeze the IHT tax-free thresholds until the 2027/28 tax year.

The Office for Budget Responsibility (OBR) has projected that inheritance tax (IHT) receipts will keep increasing, estimating that the annual revenue will rise to £9.7 billion by the 2028/29 financial year, up from a record £7.5 billion in 2023/24.

Jonathan Halberda, a specialist financial adviser at Wesleyan Financial Services, noted, “There is increasing demand for inheritance tax advice as more estates fall within the scope of the tax. We are also seeing more younger people seeking assistance as they aim to plan ahead.”

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