Illuminate Technical

IHT tax receipts data from HMRC

HMRC today announced the latest Inheritance Tax (IHT) receipts, within their wider tax receipts document > HMRC tax receipts and National Insurance contributions for the UK (monthly bulletin) - GOV.UK. 

Total HMRC tax receipts for the April to May 2024 are £132.8 billion, which is £3.6 billion higher than last year.
Receipts were higher from Income Tax, Capital Gains Tax and National Insurance Contributions (NICs), business taxes and stamp taxes.

• Receipts were lower from VAT and fuel duty.

Inheritance Tax

• IHT receipts for April & May 2024 are £1.4 billion, which is £0.2 billion higher than the same period last year

 
Andrew Tully, Technical Services Director at Nucleus said:
“These figures continue the strong upward trajectory in IHT receipts over the last few years. The current £325,000 nil rate band has been at that level since 2009. The residential nil rate band was introduced on a phased basis between 2017 and 2020 and potentially gives an additional £175,000 nil rate band (making a total of £500,000) subject to certain rules. Both are currently intended to be frozen until 2028. Given all of this the need for expert financial planning remains crucial.

“Advisers can help manage an estate by setting up trusts, making use of gift allowances, and using a pension to pass on wealth to family in a tax efficient way.