IHT receipts rise 15% year-on-year as UK tax take reaches £5.9bn

Inheritance tax (IHT) receipts for April 2022 to January 2023 were £5.9bn, according to latest HM Revenue & Customs (HMRC) figures, which is £0.9bn higher than the same period a year previously.   Canada Life technical director Andrew Tully said the £5.9bn total tax take from IHT was 15% higher than the same period last year. "There is no ignoring the fact that we are moving in an upward trend and are on track to break last year's record of £6.1bn by more than 10%. The OBR predicted last November that IHT receipts would keep growing to reach £7.8bn by 2027/28." Tully explained the ...