Inheritance tax receipts reached £2.3bn between April and June, up £96m on the same period last year, according to new figures issued by HMRC today.
Income Tax, Capital Gains Tax and NICs receipts for April to June were also at a record high at £132.1bn - £11.4bn higher than the same period last year.
Tom Trewby, director, private client tax at Forvis Mazars said: “The upward trajectory of tax receipts continues for HMRC as fiscal drag pulls more people over the frozen thresholds.”
He said it’s a tax rise by stealth: “Rising asset prices mean that inheritance tax is hitting families it never used to catch, while the number of higher-rate UK income taxpayers is expected to rise to 7.7m in the current tax year - nearly 2m higher than in 2023-24.”
He said the number of additional-rate taxpayers, who earn more than £125,140 and pay the 45p rate of income tax, is projected to reach 1.29m this year.
Mr Trewby added: “The IHT landscape will shift from April 2027 as pensions fall into scope. This won’t only mean higher IHT tax bills, but headaches for executors who will have an additional legislative burden.”
Shaun Moore, tax and Financial Planning expert at Quilter, said: "While monthly figures can fluctuate, the longer-term picture remains one of rising tax exposure. Frozen thresholds and growing asset values continue to pull more estates into the scope of inheritance tax.”
Corrinne Emmett, senior business development manager at wealth manager Zedra, said: “Recent and upcoming changes to IHT rules are bringing more estates into scope than ever before. The planned changes taking effect in the 2027/28 tax year will bring most unused pension funds into IHT calculations.
“The nil rate band has remained frozen at £325,000 since 2009 and is currently set to remain unchanged until 2030, which means that more estates than ever before will be subject to IHT.”
Amit Joshi, managing director of wealth at Mattioli Woods, said: “Rising property values and inflation are quietly turning what was once a tax for the wealthy into a bill for ordinary households. Estates that would have paid nothing a decade ago are now automatically liable, without a single announcement.
“What is most concerning isn’t the tax itself, but the lack of awareness.”