Inheritance tax (IHT) receipts for April 2022 to March 2023 were up £1bn on the previous tax year to £7.1bn, according to latest numbers from HM Revenue & Customs (HMRC).
Estimates released at the last Budget suggested that over the next five years IHT would bring in £38bn.This projection means yearly receipts could exceed £8bn by 2027/28 and 6.7% of deaths would trigger an IHT charge, according to the Office for Budget Responsibility. The latest figures showed income from IHT was up £1bn year-on-year. Canada Life technical director Andrew Tully said: "IHT is no longer a tax only on the wealthiest estates. As these record figures show, IHT has now become a mainstream tax on ordinary people, largely due to house price increases." He added that people...
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