Inheritance tax (IHT) receipts reached £3.7bn in the five months to August, increasing by 5% year-on-year, HMRC has revealed.

The latest figure marks a £190m increase on the same period last year, after £8.2bn was collected in IHT receipts by HMRC across the 2024/25 tax year.

The latest HMRC data comes after the Office for Budget Responsibility (OBR) recent forecast, which was published following the Spring Statement, that suggested IHT receipts are set to reach another record in the current financial year, totalling £9.1bn.

According to the OBR, this figure is set to surpass £14bn by the 2029/30 tax year.

Director at Just Group, Stephen Lowe, said: "As the Chancellor continues to feel the fiscal pressure, and having ruled out hikes on major taxes, she will want to explore all her options to raise revenue. Given IHT targets those who are wealthiest in society it’s entirely possible that it will once more be in the Chancellor’s sights.

"With more estates being subject to IHT, and the prospect of further changes to the rules on the horizon, it is important that people keep track of the valuation of their estate, including a recent assessment of their property wealth.

"Estate planning is complex and difficult, so many families may find it beneficial to seek professional financial advice to understand their circumstances, the impact of the IHT regime and their options for minimising tax liabilities."

---