Autumn Budget 24: Inherited pensions to face IHT from 2027

Autumn Budget 24: Inherited pensions to face IHT from 2027 Impacting wealth transfer efficiency and legacy planning Pensions passed on will be subject to inheritance tax (IHT) from 2027, Rachel Reeves has confirmed in today’s (30 October) Budget. Pensions are currently exempt from IHT and not classed as part of an estate when someone passes away. “We will close the …

IHT receipts surge to £4.3bn in first half of 2024, £400m higher than last year

Ahead of next weeks’ Autumn Budget Inheritance tax (IHT) receipts have hit £4.3bn in the six months from April to September 2024, according to figures published by HM Revenue and Customs (HMRC). This is £400m higher than the same period in the previous tax year and continues the upward trajectory over the last two decades. Higher receipts from March 2022 …

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 …

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 …

Inheritance tax receipts hit a record of £7.5bn as 2023/24 year ends

‘IHT is the tax gift that keeps on giving as record receipts have been banked’ New inheritance tax (IHT) data published today (23 April) shows the government raked in a total of £7.5bn in 2023/24 – a £4m increase on the tax year prior. This represents the highest value ever recorded and continues the upward trend of the last two …