Record year to date for IHT receipts
HMRC have published their IHT monthly receipts figures up to the end of November 2022.
The first half of the tax year (April-September) saw a record £3.5 billion collected by the Treasury, the highest half year on record.
Recent figures for November show that this trend continues with £4.8 billion collected between April and November 2022, which is £0.6 billion higher than the same period last year.
June and November 2022 have been record high months, with HMRC attributing this to a small number of higher-value payments than usual.
Given the announcement earlier this year to freeze the IHT nil rate band until 2028, it is likely that these records will not last for long.
Dicky Davies, Business Development Director and co-founder of Tower Street Finance said: “IHT has been viewed as a tax on large estates historically. However, with the nil rate band freeze until 2028 it’s likely that more people with modest estates could find themselves with an IHT liability.
“Seeking advice on how to structure your finances to mitigate IHT is always recommended. However, even with advice available, the average IHT bill is still around £200,000.
“These new figures show that IHT is not slowing down and we would expect to see these numbers grow in the coming months and years.”
Find out more about our Inheritance Tax Loan product, or call us on 0343 504 7100.