HM Revenue and Customs (HMRC) collected £2.2 billion in inheritance tax (IHT) in the first three months of the current tax year, which is £100 million more than the same period last year.
It said higher receipts from March 2022 are expected to be due to a combination of higher volumes of wealth transfers following recent liable deaths, recent rises in asset values and the Government's March 2021 and Autumn 2022 decisions to maintain the tax-free thresholds at their 2020 to 2021 levels up to and including 2029 to 2030. Ian Dyall, head of estate planning, Evelyn Partners, said: "The June figure means that IHT revenues for this financial year so far are running 4.8% ahead of the same period last year. And let's not forget that last year was a record one. "Even with the re...
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