Investment - Articles - IHT receipts hit £7.1 bn and remain on track for record year

The tighter IHT policies announced in the Autumn Budget 2024 are expected to push the IHT take to £14.5 billion by 2030-31, marking an increase of 67% over a five-year period according to the OBR’s estimates. 

 

David Cooper, director at retirement specialist Just Group, commented: “Inheritance Tax is an important and growing source of tax revenue for the Treasury and looks set to creep past last year’s total and notch up a fifth consecutive annual high. The combination of frozen thresholds and rising asset prices combined has both widened the tax base and increased total receipts. The new policies announced at the Autumn Budget 2024 will only build on this momentum over the coming years. An increasing number of estates will tip over the thresholds, and the inclusion of pension wealth could see Inheritance Tax becoming a consideration for more people. The OBR estimates that around one in ten estates will be liable by 2030-31. Anybody who is concerned that their estate may be subject to IHT should get an up-to-date valuation of their estate, including an assessment of their property wealth. A professional adviser can help people who want to manage their estate in an efficient way and ensure as much as possible can be passed on to loved ones.”