HMRC Tax Receipts and National insurance Contributions has been published for December 2024. Takings for inheritance tax April 2024 to December 2024 are £6.3 billion, which is £0.6 billion higher than the same period last year.
Paul Barham, Partner at Forvis Mazars said that the latest figures from HMRC show that IHT receipts finished the 2024 calendar year at “another record high” with some £6.3 billion being collected in the past 9 months. He continued:
“And it looks like many more families find themselves dealing with an unexpected tax burden, boosting the Government’s coffers. Considered planning is crucial – especially given IHT could apply to transferrable pension wealth from 2027. Making use of allowances while you are able to is essential.”
Tim Snaith, Partner at Winckworth Sherwood said that IHT revenues continue to steadily rise due to the prolonged freeze on IHT thresholds. He added:
“The nil-rate band (NRB) and the residence nil-rate band (RNRB) have not been adjusted for inflation or rising property values, which means more estates are becoming liable for the tax as asset values increase. It remains a persistent and unavoidable inheritance tax planning issue, and one that should not be ignored. To avoid unexpected financial burdens, it is crucial for individuals to regularly review their wills and estate planning, with professional legal advice, to manage their wealth efficiently.”
