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IHT Receipits Hit £5.3 Billion

London

HM Revenue and Customs (HMRC) recorded a £700 Million uptick in Inheritance Tax (IHT) receipts between April and December last year, totalling £5.3 billion, which has prompted some experts to predict another potentially "record-breaking" year. 

Chancellor Jeremy Hunt opted to freeze the IHT threshold of £325,000 for a further two years, to 2027/28 in his Autumn Statement in November. 

Some have forecast this could net the government more than £1 Billion, with the average inheritance tax bill reaching £304,567 by 2025-26 and £345,084 by 2027-28, according to research by Wealth Club. 

Andrew Aldridge, Partner & Chief Marketing Officer at Deepbridge Capital said given the chancellor’s freezing of IHT thresholds for a further two years and inflation remaining high, he anticipates that HMRC receipts will continue to rise in the near term. 

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