Data shows IHT receipts up £0.7 billion

Data published by HMRC has revealed that inheritance tax (IHT) receipts for April 2021 to March 2022 totalled £6.1 billion, which is £0.7 billion higher than in the same period a year earlier.

27 Apr 2022

Data published by HMRC has revealed that inheritance tax (IHT) receipts for April 2021 to March 2022 totalled £6.1 billion, which is £0.7 billion higher than in the same period a year earlier.

The data revealed that receipts were lower in April and May 2020 as a result of a temporary issue where HMRC was unable to accept cheques for payment of IHT due to the coronavirus (COVID-19) pandemic.

Additionally, receipts in April 2017 to May 2017 and March 2019 to April 2019 were 'particularly high' due to announcements of rises in probate fees in England and Wales. These rises were likely to have caused executors to bring forward tax payments to avoid the prospective higher fees.

HMRC said that higher IHT receipts in October 2020, November 2020 and March to August 2021 are expected to be due to higher volumes of wealth transfers that occurred during the COVID-19 pandemic.

Try a site search Tax return, dividends, pension...

Company details

01293 855425

Harding + Associates LLP, Copthorne Business Suite, Copthorne Way, Copthorne, West Sussex RH10 3PG

ICAEW Firm No. C006101380

About us

Mike Harding, owner of Harding + Associates, has been working in practice for over 25 years. With his wealth of experience and knowledge gained over the years, Mike decided to branch out and start his own practice, bringing with him his support team, alongside his loyal clients.

© 2024 Harding + Associates LLP. All rights reserved. We use cookies on this website, you can find more information about cookies here.
Harding + Associates LLP are Accountants in Crawley