Inheritance tax receipts hit £2.8 billion in first four months of the year – Industry Reaction

Inheritance Tax receipts for April 2024 to July 2024 are £2.8 billion, which is £0.2 billion higher than the same period last year, HM Revenue and Customs revealed today. Following the release of this data, industry experts have shared their thoughts with IFA Magazine. Laura Hayward, Tax Partner at professional services and wealth management firm Evelyn Partners, says: “Annual rises …

Bank of England cuts interest rates to 5%

The Bank’s Monetary Policy Committee has reduced rates for the first time since 2020. The Bank of England’s Monetary Policy Committee has voted 5-4 to reduce Bank Rate to 5% – the first reduction since the early days of the Covid-19 pandemic in March 2020. Four members preferred to maintain Bank Rate at 5.25%. This month marks a full year …

IHT take up again as firms chew over potential Labour reforms

HMRC reveals inheritance tax receipts up £83m to £2.1bn Speculation over how Labour will tackle Inheritance Tax (IHT) continues to abound, with take up again for the latest reported quarter. IHT receipts hit £2.1bn for April 2024 to June 2024, representing an £83m increase on the same period the prior year, as per HMRC official figures. It remains to be …

Government raises £701m from inheritance tax receipts in May

‘Neither of the two main political parties have mentioned it’ A lucrative May means inheritance tax (IHT) receipts have hit £1.4bn in just the first two months of the 2024/25 financial year, HM Revenue and Customs figures show. Latest data today (21 June) confirms the hotly debated tax raised £701m in May, meaning the tax take so far for the …

Inflation falls to Bank of England’s target of 2%

Inflation has returned to target for the first time in almost three years. CPI inflation fell to the Bank of England’s 2% target in May, down from 2.3% in the previous month, the latest ONS figures show. CPI last hit 2% in July 2021, almost three years ago, and has fallen from its peak of 11.1% in October 2022. On …

UK economy exits recession on Q1 GDP growth

UK’s gross domestic product grew by 0.6% between January and March. The UK has exited a short-lived technical recession after official figures showed better-than-expected growth in the first quarter. GDP increased by 0.6% between January and March, according to data from the Office for National Statistics (ONS), beating some economists’ expectations of a 0.4% lift. The rise – an estimate …