Inheritance Tax (IHT) receipts in July totalled £868m, up £26m compared to the £844m recorded in July 2025, according to figures released by HMRC today.
It was a fall of £3m from the IHT receipts of £871m in June.
Over the last quarter IHT receipts for April to July were £3.2bn, £0.1bn higher than the same period last year.
IHT receipts have climbed to record highs for five consecutive record years, reaching £8.5bn in 2025/26.
Ian Dyall, head of estate planning at Evelyn Partners, said: “The growth of inheritance tax receipts has slowed in recent months, probably as a result of moderating property values in London and the South East over the last few years, which will have reduced the value of some estates.
“But no one should let this lull them into complacency over the potential reach of IHT. We have not yet seen the effects of the restrictions to agricultural property and business reliefs that came in this April.”
He pointed out that the scope of IHT will increase dramatically from next April, when unspent pension assets become part of savers’ estates, not least as bullish equity markets have boosted pension pots in recent years. “That will mean more families will become subject to IHT and estates that are already facing an IHT bill could be looking at an even greater one.”
Nick Henshaw, head of intermediaries distribution at Wesleyan, said: “A further rise in inheritance tax receipts underlines a trend that is turning into the longer-term direction of travel. Frozen thresholds, elevated asset values and forthcoming changes to the treatment of pensions mean more families will now need to consider inheritance tax as part of their Financial Planning.”
He said that with less than eight months to go until unused pensions are brought within the inheritance tax net, HMRC has now clarified some aspects of the changes. “Under current plans, pension assets won’t benefit from the same reliefs available to other estate assets, potentially adding another layer of complexity for families and those administering estates.”
Andrew Zanelli, head of technical engagement at Aberdeen Adviser, said: "The continued rise in inheritance tax receipts highlights how estate planning is becoming an increasingly important consideration for more households than was historically the case.
“What was once seen as a tax affecting only the wealthiest estates is now becoming a more common Financial Planning challenge, particularly as property wealth and accumulated retirement savings make up a growing share of household balance sheets.”
He warned that the number of estates subject to an IHT bill is going to nearly double by 2030 because pensions are due to become subject to inheritance tax from next April.