Inheritance tax (IHT) receipts reached the second highest monthly total ever recorded, totalling £780m in April, HMRC data has revealed.

The latest figure to start the new financial year marked a £97m increase on April last year, after the entire 2024/25 financial year saw a record IHT intake of £8.2bn.

The latest Office for Budget Responsibility (OBR) forecast for IHT, made following the Spring Statement in March, estimated that the Treasury would collect £9.1bn in the 2025/26 financial year.

This figure is set to reach over £14bn by the 2029/30 financial year.

Head of UK technical services at Utmost Wealth Solutions, Simon Martin, said the latest figures show that IHT has "no signs of this momentum slowing down".

He stated: "The 2024/25 tax year was the fourth-consecutive record-breaking year for IHT receipts and April’s figures show no signs of this momentum slowing down. The growth in IHT receipts, and forecasted tax-take acceleration from the OBR, will be welcome news for the Chancellor.

"It doesn’t appear yet that the widely documented outflows of non-doms and high-net-worth-individuals from the UK, following the measures announced in the Autumn 2024 Budget, have caused a dent in these receipts.

"With thresholds frozen and asset prices continuing to climb, more estates are likely to need to consider whether they will be impacted by IHT over the coming years and plan accordingly. We are seeing significant demand for advice in the wake of these changes and that is likely to remain high as individuals look to adapt their succession and estate planning strategies."

However, with the Government expected to make adjustments to tax in the upcoming Autumn Budget, the OBR's estimate could increase further.

Tax partner at S&W, Laura Hayward, added: "Speculation is growing that the Chancellor will need to raise taxes at the Autumn Budget to meet spending commitments and this could lead to further changes being made to the charging of IHT. This backdrop is bringing considerable uncertainty for many and should be a prompt for families to look at their tax planning position before any further possible changes are announced.

"We are currently having lots of conversations with clients who want to know what they can do to mitigate against the announced inheritance tax changes, plus any further updates that may come at the Autumn Budget."

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