Inheritance tax receipts soar by £700m

The Treasury received £5bn in inheritance tax (IHT) receipts in the financial year up to January 2022, an increase of £700m for the same period a year earlier. The 14% increase has been attributed to sustained property price growth and asset price inflation pushing up the value of estates. Shaun Moore at Quilter says that with the average UK property only £50,288 short of the standard nil-rate band, many more people could soon face a hefty IHT bill. The Chancellor has frozen the tax-free limit until April 2026.

 

The Daily Telegraph

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