IHT delivers £8.2 billion in 2024/25, its fourth consecutive record year – Just Group comment

This morning’s HMRC update shows that Inheritance Tax (IHT) receipts recorded a total of £8.2 billion in 2024/25 – the fourth consecutive annual record sum. It surpasses the £7.5 billion total from 2023/24 by £750 million, or 10%.

Stephen Lowe, Director at retirement specialist Just Group, said: “It’s now four years on the trot that Inheritance Tax has delivered record-breaking annual tax takes for the Treasury, on the back of a combination of frozen thresholds and rising property prices. As the saying goes – death and taxes are the two certainties in this world. 

“This winning streak for the Treasury looks likely to continue for some time to come, with the changes announced at the Autumn Budget set to bring in even greater amounts over the rest of this decade and beyond.

“Anyone who is concerned their estate may be subject to IHT should get an up-to-date valuation of their estate, including a recent assessment of their property wealth, to help them understand where they stand. Estate planning is complex and professional financial advice can be immensely helpful for people who want to manage their estate efficiently.”