This morning’s tax receipts update from HMRC shows that Inheritance Tax (IHT) receipts registered a record high total of £8.2 billion in 2024/25.
It surpasses last year’s tax take of £7.5 billion (itself a record tax haul at the time) by £750 million (10%) and marks the 4th consecutive year in a row that has seen record totals.
Simon Martin, Head of UK Technical Services at Utmost Wealth Solutions, a leading provider of insurance-based wealth solutions, commented:
“For the fourth year in a row, Inheritance Tax receipts reached new all-time highs in 2024/25 as frozen thresholds and rising asset prices continue to drive record totals for the Treasury. This boost is forecast to continue delivering increasing revenues to the Chancellor following the reforms announced at the Autumn Budget, especially the inclusion of pension death benefits from April 2027.
These significant changes to the tax regime, alongside those made to the non-dom regime, have created rising demand from clients for professional advice. This is critical to understanding how the changes to fiscal policy will impact them and any steps they can take to support wealth transfer strategies.”
