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According to Today’s Wills & Probate, Record inheritance tax (IHT) receipts across the previous financial year have led to suggestions that the measure has now become a “mainstream tax on ordinary people”.
Here’s the excerpt from that survey:
The total take for 2022-2023 reached £7.1 billion, according to new data from HMRC. This surpasses the previous record of £6.1 billion set last year by £1 billion as the tax continues to provide a lucrative source of revenue for the Treasury.
This comes as estimates at the Spring Budget suggested that over the next five years Inheritance Tax would bring in £38 billion pounds – meaning annual receipts would be set to exceed £8 billion by 2027-28 and 6.7% of deaths would trigger an IHT charge.
You can read more HERE