A record £3.5 billion of inheritance tax (IHT) was gathered by the Treasury in the first half of 2022, the highest on record.
Released last week, figures from HMRC show that £557 million was collected from IHT in September, a slight drop on the £576mn a month before.
These latest figures will no doubt be pleasing to new chancellor Jeremy Hunt, with IHT receipts providing an imperatively constant role in boosting the government’s coffers amid the current major instability of the nation’s finances.
The consistent cash cow of IHT receipts for the Treasury also signifies little chance of any reduction or even abolition of the tax. Furthermore, more families will undoubtedly be pushed into its scope as frozen allowances – in the form of the nil rate band and residence nil rate band which have both been locked into place until at least April 2026 – and rising house prices are pushing IHT receipts upwards.
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