From: The Will Company
Inheritance Tax (IHT) receipts continued their record-breaking upwards trend into the new financial year, data released this week by HM Revenue & Customs (HMRC) has confirmed.
According to figures for April 2023, receipts during the month totalled £597 million– some £90 million higher than the same period only a year earlier.
This follows a 2022/23 financial year that saw the Treasury collect £7.1 billion in IHT, an increase of over a third from the £5.3 billion collected in 2020/21 just two years earlier.
What’s more, the latest forecasts from the Office for Budget Responsibility (OBR) suggest receipts will hit £7.2 billion before April 2024 and as much as £8.4 billion by 2027/28.
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