Inheritance tax revenues rose again to £3.5bn for the six months from April to August 2024. This is a £0.3bn increase on the same period in the previous year, according to HMRC data.
Many economists are predicting that inheritance tax changes will form a significant part of the new government’s first Budget on 30 October.
The current inheritance tax threshold has been frozen since 2008 – and is set to remain at that rate until 2028 unless the chancellor reveals new proposals.
When we consider the increase in property prices during that twenty-year period, it is easy to see how many more estates are currently yielding tax payments for the Treasury.
The recent HMRC figures also showed that income tax, CGT and national insurance receipts for the same six-month period this year reached £194.4bn, £5.4bn higher than the same period last year.
