According to HMRC’s latest statistics, inheritance tax (IHT) receipts for April to November 2022 were just under £4.8 billion, which is just over £.6 billion higher than in the same period a year earlier. According to HMRC, the higher receipts in June 2022 of £726 million and November 2022 of £673 million can be attributed to a small number of higher-value payments than usual. November 2022’s £673 million receipts were, also, considerably higher than November 2021’s figure of £500 million.
The above chart contains 12-month rolling receipts since March 2013. Receipts for the 12 months to November 2022 were £6.703 billion.
The Office for Budget Responsibility (OBR)’s latest Economic and fiscal outlook – published on 17 November 2022 - forecasts the following IHT receipts for the current tax year and future tax years: £6.7 billion for 2022/23; £6.8 billion for 2023/24; £6.7 billion for 2024/25; £6.8 billion for 2025/26; £7.3 billion for 2026/27; and £7.8 billion for the following year, 2027/28.
The current high IHT receipts and projected future increased IHT receipts provide another reminder of the importance of IHT planning.
