Inheritance tax receipts hit £5.7billion in the eight months from April to November 2024, new data from HM Revenue & Customs has revealed. This is £600million higher than over the same eight months last year and continued the upward trajectory in receipts over the past two decades.
While the year-on-year growth remained constant, inheritance tax receipts decreased on a monthly basis, following seasonal trends. In the last full tax year, inheritance tax raised around £7.5billion for the Treasury's coffers. The upturn in inheritance tax receipts contributed to gross HMRC tax and National Insurance contribution receipts for April to November 2024 reaching £537.2billion, marking a £15billion increase on the same point a year ago.
The increase was also driven by a rise in capital gains tax and National Insurance contributions, which reached £6.8billion, business taxes, which reached £2.9billion, and stamp taxes, which came in at £1.9billion. Boost for Chancellor Rachel Reeves: Inheritance tax receipts swelled to £5.7bn in an eight month period.
Just Group's communications director, Stephen Lowe, said: 'Inheritance tax is set for another record year with receipts already over £550million ahead of the total through the same period in 2023/24.'. At present, just one in 20 estates is liable for inheritance tax, but government estimates suggest that this will increase to one in ten estates by 2030.
