Investment - Articles - IHT hits almost GBP7bn an increase of GBP400m

 Stephen Lowe, group communications director at retirement specialist Just Group, commented: “With one-month of the 2023/24 financial year to go, Inheritance Tax looks certain to record another all-time receipts high. The February receipts announced today were £564 million leaving only £263 million to be raised in March, in order for this year’s IHT tax take to exceed last year’s already record amount.
 
 “Despite speculation that the Chancellor would tinker with Inheritance Tax in the Spring Budget it was left alone – and with public finances so tight, it is little wonder. Frozen thresholds and the increase in property values have dragged more estates into paying the tax and we would encourage people to assess the entire value of their estate, including an up-to-date valuation of their property, and familiarise themselves with the Inheritance Tax rules.

 “Professional, regulated advice can help people work out the total value of their estate, calculate how much tax they may be likely to owe and understand what options they have to manage their potential tax liability.”

 
 HMRC Tax Receipts