IHT receipts up 54% year-on-year in April and May

£5m in tax receipts

clock • 1 min read

Inheritance tax (IHT) receipts for April and May 2021 were more than 50% higher than the same two months in 2020, according to the latest data from HM Revenue & Customs.

HMRC said the 54% year-on-year hike could be the result of"high volumes of wealth transfers that took place during the Covid-19 pandemic". That said, the taxman could not verify that theory until more data becomes available. The data also revealed full-year IHT receipts of £5,326 million for 2020-2021. A £204 million increase from the year before. In the Spring budget earlier this year, Chancellor of the Exchequer Rishi Sunak imposed tax freezes on both inheritance and capital gains tax until 2026, which some have referred to as a ‘stealth' mechanism that will see IHT bills increas...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

AJ Bell cuts fees across multi-asset income range

AJ Bell cuts fees across multi-asset income range

£1.5bn of inflows this year

Beth Brearley
clock 14 November 2024 • 1 min read
Tatton AM launches range of passive funds as AUM surpasses £20bn

Tatton AM launches range of passive funds as AUM surpasses £20bn

Net flows double from last year

Cristian Angeloni
clock 13 November 2024 • 1 min read
Mabel Insights adds DFM partner

Mabel Insights adds DFM partner

Additional Waverton data to be available on comparison site

Jen Frost
clock 12 November 2024 • 2 min read