Inheritance tax payments hit a brand new ‘record high’
- On August 30, 2023
- By GrowthInvest Marketing
New research by peer-to-peer real estate investment platform, easyMoney, reveals that the total amount of inheritance tax paid to HMRC is on course to hit a record high during the 2023/24 financial year, having already done so in 2022/23 with a massive 17.1% annual increase.
easyMoney has analysed the level of inheritance tax paid to HMRC in each financial year since 2003/04, and how this relates to the overall tax receipt money being collected by HMRC.
This annual increase means that HMRC received north of £7 billion in inheritance tax in 2022/23, which, at more than £1 billion more than the previous year, is the largest UK inheritance tax collection ever recorded and equivalent to 0.9% of that year’s overall tax payments.
Over the first four months of the current financial year, 2023/24, HMRC has collected £2.6 billion in inheritance tax.
If tax collection continues at this rate, easyMoney forecasts that this year’s total inheritance tax bill for the people of the UK will reach £7.8 billion, breaking all previous records.
This will mark a 10% increase since 2022/23, and will make up 1% of HMRC’s entire tax receipts for the year.
GET IN TOUCH!
CALL US020 7071 3945
FOLLOW US ON
Throughout our site you will find links to external websites. Although we make every effort to ensure these links are accurate, up to date and relevant, we cannot take responsibility for pages maintained by external providers.