IHT receipts up £0.7bn year-on-year, says HMRC data

Inheritance tax (IHT) receipts for April 2021 to Februrary 2022 were £5.5bn, some £0.7bn higher than in the same period 12 months earlier, latest figures from HM Revenue & Customs (HRMC) revealed. The government department said it expected higher receipts from March to August 2021 due to a "higher volumes of wealth transfers that took place during the Covid-19 pandemic", however it said it would not be able to verify that assumption until full administrative data becomes available. The average amount paid per estate was £209,000, according to Quilter's calculations. Andrew Tully, t...