Inheritance Tax receipts for April 2025 are £0.8 billion, which is £97 million higher than the same period last year, HM Revenue and Customs revealed today.
That is an increase of 13.8% on the same month of 2024.
Ian Dyall, Head of Estate Planning at wealth management firm Evelyn Partners, comments:
“The 2025/26 financial year opens where the previous one left off, with a predictable and substantial annual rise in Inheritance Tax receipts. Estimates last month revealed that IHT receipts for the 2024/25 financial year were 10.8% up on the previous one, and there’s nothing to suggest the current one will be any different.
“What has stirred up some interest in the Government’s intentions for IHT – aside from those announced at the October Budget – is the memo from the Deputy PM to the Chancellor leaked this week.
“That called for – among other tax rises – IHT relief on AIM shares to be removed altogether, which would go further than the current cut to 50% due for April 2026, and would save the Treasury £1billion. Whether this suggestion carries any weight with the Chancellor is unknown, but with the PM also rowing back on cuts to the Winter Fuel Allowance this week, questions are bound to arise around tax if the fiscal outlook doesn’t improve before the Autumn Budget.
“Some in Government obviously see the passing on of estates as a legitimate target for tightening up the tax net, so whether or not there are any changes to IHT reliefs at the next Budget, it would be surprising if we got to the next election without any.”
About Evelyn Partners
We are a leading wealth management group, created by the merger of Tilney and Smith & Williamson in 2020. With £61.9 billion of assets under management (as at 31 March 2025) we are one the largest UK wealth managers. Our purpose is ‘to place the power of good advice into more hands’.
We have a network of offices across 25 towns and cities in the UK, as well as the Republic of Ireland and the Channel Islands, supporting private clients, charities, family trusts and providing investment solutions to financial intermediaries. Our clients include entrepreneurs, C-suite senior managers and partners of professional firms.
Our expertise includes both award-winning financial planning and investment management, enabling us to offer clients a truly holistic dual expert wealth management service. Through Bestinvest, we provide an online investment platform and coaching service for self-directed investors.
For further information please visit: www.evelyn.com
