IHT receipts rise

IHT receipts rise to £5.2bn in eight months

Inheritance tax receipts have increased to £5.2bn in the eight months from April to November, according to data from HM Revenue & Customs. This marks a £400m increase from the same period last year and continues the upward trend over the last decade. The Institute for Fiscal Studies predicts that inheritance tax receipts could be closer to £15bn a year in a decade. The freeze on inheritance tax thresholds, decades of house price increases, and high inflation are bringing more estates above the threshold. "Last year it raised more than £7bn for HMRC but could hit £9.5bn before the end of the decade," said Nicholas Hyett, investment manager at Wealth Club.