Inheritance tax (IHT) receipts totalled £7.1bn between April last year and January, with the latest figure signalling another record haul, HMRC has revealed.

Year-on-year, receipts increased by £130m, and with two months of tax receipts yet to be collected in the current financial year, this figure is set to overreach last year’s intake of £8.2bn.

Looking ahead, IHT receipts are forecast to keep rising, with tighter IHT policies announced in 2024’s Autumn Budget expected to push collections to £14.5bn in the 2030/31 financial year.

This would mark a 67% increase in collections over a five-year period, according to data from the Office for Budget Responsibility (OBR).

Director at Just Group, David Cooper, said that IHT is an important and growing source of tax revenue for the Treasury.

He added: "The combination of frozen thresholds and rising asset prices combined has both widened the tax base and increased total receipts. The new policies announced at the Autumn Budget 2024 will only build on this momentum over the coming years.

"An increasing number of estates will tip over the thresholds, and the inclusion of pension wealth could see Inheritance Tax becoming a consideration for more people. The OBR estimates that around one in ten estates will be liable by 2030/31.

"Anybody 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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