Inheritance Tax Take Soars to £6.7bn as Experts Warn More Will Be Drawn Into Net

Inheritance tax net catches thousands more families in just one year

The number of grieving families paying inheritance tax soared 13% in just one year, fresh official data reveals.

Inheritance tax take soars to £6.7bn as experts warn more will be drawn into net

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Government earnings from IHT double in a decade – Mortgage Strategy

The total sum HM Revenue & Customs collects in inheritance tax (IHT) has more than doubled over the past decade from £3.8bn in 2014/15 to £8.25bn in the past tax year. HMRC figures released earlier today also show that the number of deaths which trigger an IHT bill has risen by 13% over the past year to 4.62%.

IHT stats highlight how fiscal drag continues to swell tax receipts - IFA Magazine

HMRC’s latest inheritance tax (IHT) statistics for the 2022/23 tax year reveal a significant £710 million increase in liabilities compared to the previous year, as frozen thresholds and rising asset values pull more estates into the tax net. In response, Shaun Moore, tax and financial planning expert at Quilter, shares his analysis on the growing impact of fiscal drag and why proactive estate planning has never been more essential. Today’s inher…

IHT bills hit record £6.7bn as more estates pulled into tax net

The number of estates paying inheritance tax (IHT) rose sharply in the 2022/23 tax year, pushing total IHT liabilities to a record £6.7bn. This is a 12% increase on the previous year, according to official figures from HM Revenue & Customs.

IHT stats highlight how fiscal drag continues to swell tax receipts