HM Revenue & Customs (HMRC) received a further £0.6 billion in inheritance tax (IHT) receipts during October, new data has revealed.
The total take for the tax year to date now sits at a striking £4.1 billion, some £0.5 billion higher than the same period a year earlier.
Following months of successive property price rises, it’s unsurprising that the value of people’s estates – and therefore their IHT bill – has climbed accordingly.
What’s more, with Chancellor of the Exchequer Jeremy Hunt recently announcing a freeze on the nil-rate bands (NRBs) until 2028, it’s likely the current rates will outlast any impending dip in property prices, therefore seeing IHT receipts continuing to climb into the foreseeable future.
This is somewhat confirmed by Office for Budget Responsibility projections, who said the recent freeze will lead to an increase in receipts from £6.1 billion 2021/22 to £7.8 billion in 2027/28 – an increase of 28%.
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