Inheritance tax receipts continue to soar, up 9% before Budget

Inheritance tax receipts are up 9% on a year ago, the latest data covering April-August shows. Will the tax appear in Reeves’s Budget?

Woman assessing her personal finances
(Image credit: Krisanapong Detraphiphat via Getty Images)

Inheritance tax receipts hit £3.5bn between April and August, according to the latest HMRC data, up £300mn on a year ago. 

It means the government is on track to collect another record sum in death duties this year, with seven months still to go until the new tax year begins. Inheritance tax has been increasing in recent years thanks to frozen nil-rate bands. These have conspired with high inflation to leave families at the mercy of fiscal drag.

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Katie Williams
Staff Writer

Katie has a background in investment writing and is interested in everything to do with personal finance, politics, and investing. She enjoys translating complex topics into easy-to-understand stories to help people make the most of their money.

Katie believes investing shouldn’t be complicated, and that demystifying it can help normal people improve their lives.

Before joining the MoneyWeek team, Katie worked as an investment writer at Invesco, a global asset management firm. She joined the company as a graduate in 2019. While there, she wrote about the global economy, bond markets, alternative investments and UK equities.

Katie loves writing and studied English at the University of Cambridge. Outside of work, she enjoys going to the theatre, reading novels, travelling and trying new restaurants with friends.