According to the latest data from HM Revenue & Customs (HMRC), the estate tax (IHT) revenue was £3.1 billion, up £200 million from the same period last year.
As Ian Dyall, head of real estate planning at Evelyn’s partner, noted, the July figures mean that inherited tax revenue for the fiscal year has been about 6.9% ahead of 6.9% in the same period last year.
“Monthly receipt data reliably show how fiscal resistance brings more wealth into the IHT range, but for wealthier families, the figures that really matter to people who show the overall state of public finances, as this is the budgeting of the IHT rules last year and the transfer of wealth on the table again on the next budget is incredible.
Dyall stressed that diluted commercial and agricultural property reliefs will not take effect until April 2027, and that unstocked pension assets will not be included in the estate, so we can see how much money they have brought through the Treasury after these dates.
Key advice and the air CEO will comment on the continued growth of IHT receipts.
“This continues a significant upward trend, with receipts increasing by more than 50% over the past five years, and 2025 will be a record year in terms of rising through this mechanism.
“In addition, around the announcement of incorporating pension funds in the IHT regime, muses on the potential to apply restrictions to life gifts and ongoing housing price inflation, which means that the government is viewing death as a key focus for promoting progressive public finance.
Hale warned that many people who will fall under the traditional definition of “high net worth” are now sleeping and their property will be subject to major charges.
Last month, HMRC revealed that over the past decade, the total amount of estate tax has more than doubled, from £3.8 billion in 2014/15 to £8.25 billion in past tax years.
