Inheritance tax (IHT) receipts totalled £7.7bn in the 11 months to February, increasing by £132m compared to the same time last year, HMRC has revealed.

The latest figure continues to signal a fifth consecutive record haul in IHT in the current financial year, after £8.2bn was collected in the last full financial year.

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 continues to rake in record sums.

He concluded: "More people are finding themselves caught in the IHT net, as frozen thresholds and rising asset prices push more estates above the threshold. Policy changes announced at the Autumn Budget 2024, particularly the inclusion of pensions within IHT, will likely accelerate this trend as IHT becomes a consideration for more people. The OBR estimates that around one in ten estates will be liable for the tax by 2030-2031.

"We encourage anyone who feels their estate may be subject to IHT to obtain an up-to-date valuation of their assets, including property wealth. Estate planning can be complex, and a professional adviser can provide valuable support for those looking to manage their estate efficiently and pass on as much as possible to loved ones."

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