Receipts for inheritance tax (IHT) between April and September this year totalled £3.1bn, new HMRC figures have revealed.
The total is £0.7bn higher than in the same period a year earlier.
Higher receipts from March to August 2021, as well as in October and November 2020, are expected to be due to higher volumes of wealth transfers that took place during the COVID-19 pandemic, though HMRC said it cannot verify this until full administrative data becomes available.
Lower receipts were recorded in April and May 2020 due to a temporary issue where HMRC was unable to accept cheques for payment of IHT due to COVID-19, which was resolved, hence the peak in June 2020 receipts
HMRC revealed that total tax receipts for the period between April and September were £334.3bn, which is a figure £91.6bn higher than in the same period a year earlier.
Commenting on the figures, Canada Life technical director, Andrew Tully, said: “Higher volumes of wealth transfers during the pandemic have trigged IHT charges on estates. With IHT tax receipts on the rise, now is the time to put in place effective estate planning.
“We watch the upcoming Budget with great interest to see if the Chancellor makes any further changes, but he has little wiggle room around IHT as the tax thresholds are currently frozen.”
Latest News
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories