IHT receipts up to £5.9bn with record breaking year expected
23 February 2023
The latest data shows that there’s no respite in sight, with Inheritance Tax (IHT) receipts hitting £5.9bn throughout the period of April 2022 to January 2023 – a 15% increase on the previous year.
With IHT tax receipts averaging £588mn a month this year, it’s predicted that this years’ takings will blow the old record of £6.1bn out of the water, exceeding the £7bn mark.
These figures will be pleasing on the eye for the Treasury, as the combination of frozen thresholds announced in the Autumn Statement (current tax-free allowance of £325,000 is frozen until 2027/28), increased house prices and soaring inflation means that more and more families could be swallowed into the deepening pit of IHT for years to come.
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