Inheritance tax receipts between April and June lifted 4.8% to £2.2bn, in comparison with the identical record interval a year in the past, in accordance with the most recent HMRC knowledge.
The knowledge physique provides that the tax on this take continues to rise resulting from a mixture of “greater volumes of wealth transfers following current liable deaths,” in addition to “current rises in asset values” and the final authorities’s transfer to freeze this levy’s threshold till 2030.
Inheritance tax receipts hit a record £7.6bn final year, up 7% on the earlier 12 months, which was additionally an all-time excessive, official knowledge reveals.
Evelyn Partners head of property planning Ian Dyall says: “The June determine signifies that inheritance tax revenues for this monetary year thus far are working 4.8% ahead of the identical interval final year. And let’s not overlook that final year was a record one.
“Even with the relative softness within the property market instructed by current home worth indices, the pattern for extra households and extra belongings attracting inheritance tax liabilities is about to proceed as nil charge bands stay frozen.”
The knowledge comes because the Treasury releases draft laws to carry undrawn pensions into scope for inheritance tax as we speak for the primary time from April 2027.
Hargreaves Lansdown head of retirement Helen Morrissey says that the inheritance levy is “a tax that solely impacts a comparatively small quantity of folks, however it’s universally hated, and frozen tax thresholds are pulling extra folks into the web.
“The authorities’s strikes to make pensions topic to inheritance tax from 2027 have drawn additional criticism
