UK's IHT tax take rises 33% from 2020

HM Revenue & Customs (HMRC) received £1.5bn in IHT receipts between April and June 2021, a 33% of £400m from the same period in 2020. The government has commented that higher receipts in 2021, as well as in the second of 2020, are likely to be due to the pandemic creating more transfers. However, this cannot be verified until full administrative data becomes available. Ami Jack, head of national tax at Smith & Williamson, has pointed out that higher IHT liabilities are likely to continue for families due to various bands currently being frozen. "It should be remembered that both...