Inheritance tax (IHT) receipts for April 2021 to January 2022 were £5bn, which is £0.7bn higher than in the same period 12 months earlier, latest data from HM Revenue & Customs (HMRC) revealed.
IHT receipts for April to December 2021 were £4.6bn, according to HRMC data published in January. The government figures also suggested receipts in April 2017 to May 2017 and March 2019 and April 2019 were particularly high. HRMC said it reflected announcements of rises to probate fees in England and Wales in February 2017 and November 2018 and is likely to have caused executors to bring forward tax payments to avoid the prospect of higher fees. Due to a temporary issue with HRMC in relation to Covid-19, cheques for payment of IHT could not be accepted, which caused IHT receipts...
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