Inheritance tax receipts hit a record year as it hits £3.2bn

HMRC is collecting more and more in inheritance tax due to fiscal drag. We explain how you can minimise your bill.

Tax text written on wooden block with stacked coins
(Image credit: Getty Images)

HM Revenue and Customs is on course to collect a record-breaking £8bn in inheritance tax (IHT) revenue this year due to fiscal drag.  

 HMRC raked in £3.2bn in IHT in the three months between April and August 2023, some £300m more than in the same period a year earlier.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
Explore More
Pedro Gonçalves
Contributor

Pedro Gonçalves is a finance reporter with experience covering investment, banks, fintech and wealth management. He has previously worked for Yahoo Finance UK, Investment Week, and national news publications in Portugal.