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.

The data shows that in 2022/23, the total amount of inheritance tax paid increased by 17.1%, the second largest annual rise for the last 20 years, trumped only by a 22.2% increase recorded in 2015/16.

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.

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