IHT receipts hit £4.5bn in first ten months of tax year

Inheritance tax (IHT) receipts reached £4.5bn in the first ten months of the tax year, and are on course to hit record levels in the 2018/19 period, according to analysis of the latest HM Revenue & Customs (HMRC) tax receipts by NFU Mutual.

The data from HMRC revealed that IHT receipts between April 2018 and January 2019 were 0.2 per cent higher than in the same period a year earlier.

NFU Mutual personal finance specialist Richard Needham calculated that the figures published by the revenue highlight a “bumper year” for the taxman, with the figure gained through IHT receipts in 2018/19 set to surpass last year’s figure of £5.2bn.

“Inheritance tax is deeply unpopular and fiendishly complicated. Recent changes have just added to the problem and in many instances the complexity of the rules means that families are missing out,” Needham added.

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