Revenue generated from inheritance tax (IHT) receipts in the six months from April to September 2019 was £2.4bn, a decrease of £316m compared to the same period last year, according to HMRC.
It's an 11.3% drop compared to the same period the previous year. In March 2019 receipts were also particularly high at £527m, which HMRC said could be due to individuals bringing forward tax payments to avoid higher probate fees.
Alex Davies, chief executive and founder of Wealth Club, said: "Whilst overall tax receipts rose by £12.2bn, perhaps surprisingly inheritance tax receipts fell by £316m. HMRC has not provided any commentary on why this might be the case.
Whilst overall tax receipts rose by £12.2bn, perhaps surprisingly inheritance tax receipts fell by £316m"
"However, it stands to reason that we might be starting to see the impact of the residence nil rate band, which became effective in 2017 to help people pass on their family home IHT free. In practice, if you're a homeowner, you could pass on as much as £475,000 free of IHT. For a couple, that's £950,000.
"A further contributing factor might be the drop in property prices in London and the South East which means the value of estates being inherited will be lower."
Current chancellor of the exchequer Sajid Javid has hinted that the government is poised to either scrap or make reforms to the unpopular IHT regime later this year.