This marked a £0.2bn increase on the previous year.
Nicholas Nesbitt of Forvis Mazars warned that IHT is no longer confined to the very wealthy, with more ordinary families set to be affected. He added that frozen thresholds, without adjustments for inflation or rising asset values, amount to a stealth tax rise.
Frozen thresholds
Experts say the continued freeze on IHT thresholds is driving the rise in receipts.
Samantha Warner of Winckworth Sherwood notes that the nil-rate band and residence nil-rate band haven’t kept pace with inflation or house prices, pulling more estates into the tax net as asset values rise—an issue that remains hard to avoid in planning.
Sarah Coles at AJ Bell agrees, adding that IHT has climbed steadily since 2022 largely due to frozen thresholds, with rising property and investment values pushing more estates into paying—and increasing bills for those affected.