Inheritance Tax (IHT) receipts in July 2026 totalled £868 million, compared to the £844 million recorded in July 2025. This follows receipts of £871 million in June 2026 and comes after a fifth consecutive record year for IHT receipts, which reached £8.5 billion in 2025/26. HMRC’s latest Capital Gains Tax (CGT) data shows receipts of £194 million for July 2026, compared to the £165 million recorded in July 2025. This follows receipts of £192 million in June 2026.The figures come after a record year for CGT receipts, which reached £22.2 billion in 2025/26, significantly surpassing the previous record of £16.9 billion in 2022/23 and the £13.7 billion recorded in 2024/25.
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Simon Martin, Head of UK Technical Services at Utmost, commented: "Albeit down on last month, Inheritance Tax revenues remain well above historical levels, reflecting the continued impact of frozen thresholds alongside rising asset values, which are bringing more families within scope of the tax. The scope of Inheritance Tax continues to widen, with the threshold freeze extended until 2031, reforms to Business Property Relief taking effect in April this year, and unused pension pots due to come within the scope of IHT from April 2027. While these changes may increase tax revenues in the short-term, it raises wider questions about the UK’s attractiveness to entrepreneurs and wealth creators who are more internationally mobile than ever, particularly when other jurisdictions offer significantly more competitive tax regimes.”
"CGT receipts remain elevated following a record year for the Treasury, with higher rates introduced at the Autumn Budget 2024 and the fiscal drag drawing ever more individuals into the CGT net. While the OBR forecasts CGT tax receipts to make even larger contributions for the Treasury in the coming years, the increasing tax burden on gains from investments, property and business assets risks making the UK less attractive to internationally mobile investors, entrepreneurs and business owners, particularly when other jurisdictions are offering more favourable tax regimes.”
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