Investment - Articles - Inheritance Tax raises almost GBP6 billion in 8 months

 The data follows reforms to the IHT regime announced at the Budget which the OBR estimates will raise a further £2.5 billion by 2029-30, with receipts reaching £13.9 billion by 2029/30. By the end of the decade, the proportion of deaths subject to inheritance tax is forecast to rise from 5.2% in 2023/24 to 9.5% (2029/30).

 Stephen Lowe, group communications director at retirement specialist Just Group, commented: “Inheritance Tax is set for another record year with receipts already over £550 million ahead of the total through the same period in 2023/24.

 “With the thresholds frozen for a further two years by the Chancellor in the Budget and further exemptions removed, IHT is set to deliver an increasing tax-take for the Treasury. With the number of deaths subject to IHT now forecast to reach nearly 10% by the end of the decade, it underscores the importance of people staying on top of the value of their estate.

 “As a starting point, we encourage people to make sure they have an up-to-date valuation of their estate to help them understand if they are likely to incur IHT. Estate planning is complex and professional financial advice can be immensely helpful for people who want to manage their estate efficiently and pass on the maximum inheritance to loved ones.”