Inheritance tax (IHT) receipts increased by £232m year-on-year between April and December to total £6.6bn, HMRC has revealed.

The latest data indicated that the rate of increase in IHT collections is slowing compared to previous years.

However, receipts are still on track to surpass last year’s record haul of £8.2bn, with £9.1bn estimated to be collected in the current financial year to mark the fifth year of consecutive record receipt values.

The Office for Budget Responsibility has also forecast that this figure will increase to over £14bn by the 2029/30 tax year.

Director at Just Group, David Cooper, said: "IHT has been a powerful revenue generator for the Treasury following four consecutive years of record tax takes thanks to frozen thresholds and rising asset prices.

"While the tax is just about on track to clock up a fifth consecutive annual high and meet the OBR’s estimate, there are signs that the rate of increase has flattened this year. The Treasury will be banking on the policies announced at the Autumn Budget 2024 to provide fresh momentum to meet the 67% increase in revenue forecast over the next five years.

"In a changeable fiscal environment, anyone who is concerned that their estate may be subject to IHT should get an up-to-date valuation of their estate, including an assessment of their property wealth. A professional adviser can help people who want to manage their estate in an efficient way and ensure as much as possible can be passed on to loved ones."

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