UK inheritance tax receipts up £100m
- On January 27, 2021
- By GrowthInvest Marketing
HM Revenue & Customs has released data regarding the volume of inheritance tax (IHT) receipts for the 2020-21 financial year, so far.
Payments hit two peaks, in June and October 2020, despite the year starting with a significant dip in the number of receipts.
According to the taxman, this was because it did not allow people to pay their IHT bills with cheques during the first months of the covid-19 pandemic.
“This has now been resolved, hence the peak in June,” HMRC said.
The stark increase in October was attributed to a large volume of transfers that took place during the early months of the financial year.
The main driver will be the staggering death toll from the coronavirus pandemic, plus excess deaths stemming from delayed treatments and diagnoses.
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