Record IHT receipts

IHT receipts on track for record high New data from HM Revenue & Customs show inheritance tax receipts from April to October came in at £4.6bn, up £500m on the same period last year. The 12% rise means total IHT receipts for 2023/24 are on track to hit £7.8bn, surpassing last year’s record annual take of £7.1bn. The figures come amid repeated calls for the Chancellor to slash IHT or scrap death duties altogether. Without any cuts to the rate, the OBR expects the Treasury will receive £8.4bn in IHT receipts by 2027-28, but experts believe this estimate is conservative. Income tax receipts reached £262bn in the year to October, up by 12% from £235bn. Revenues increased by 40% compared with 2017-18, when they stood at £186bn despite the basic rate of income tax being the same as the present level of 20%.