IHT goes 'mainstream' as latest HMRC receipts hit record high

Inheritance tax (IHT) receipts for April 2022 to March 2023 were up £1bn on the previous tax year to £7.1bn, according to latest numbers from HM Revenue & Customs (HMRC). Estimates released at the last Budget suggested that over the next five years IHT would bring in £38bn.This projection means yearly receipts could exceed £8bn by 2027/28 and 6.7% of deaths would trigger an IHT charge, according to the Office for Budget Responsibility. The latest figures showed income from IHT was up £1bn year-on-year. Canada Life technical director Andrew Tully said: "IHT is no longer a tax only o...