HMRC makes £700m in Inheritance Tax in April 2024!!!

The number of estates paying inheritance tax is estimated to have increased by 15.9 percent over the last three years.

Inheritance tax receipts reached £700million in April, according to data released by HM Revenue and Customs on 22 May 2024 (see below). That is £85million higher than in April of the previous tax year, continuing the upward trend over the last two decades.

With such a strong start to the new tax year, it is thought that predictions of inheritance tax receipts exceeding £9.5billion by the end of the decade are looking increasingly realistic.

Some calculations suggest the average bill could increase to £243,000 in the 2023/24 tax year, with over 31,000 families having to hand over a significant part of their inheritance to the HM Revenue & Customs. This is a steep 13.3 percent increase from the £214,000 average paid just three years ago

As the first tax receipts of the new tax year indicate, the inheritance tax take has already risen by £85million. It is therefore crucial that families take the time to look at their financial situation and tax liabilities and plan accordingly.  Inheritance tax planning has never been more important.

Have a look at the latest figures and draw your own conclusions.