Call 0800 781 8783 - email principal@lloydbottoms.co.uk

Treasury figures reveal 14% increase in IHT receipts

Data published by the Treasury has revealed that there was a 14%, or £729 million, increase in inheritance tax (IHT) receipts received by HMRC between the financial years 2020/21 and 2021/22.

29 Jul 2022

Data published by the Treasury has revealed that there was a 14%, or £729 million, increase in inheritance tax (IHT) receipts received by HMRC between the financial years 2020/21 and 2021/22.

The Treasury stated that the rise is 'likely due to a combination of the knock-on effects of the COVID-19 pandemic on the volume of wealth transfers and IHT-liable deaths in recent years'. Increases in asset values and the government's decision to maintain the IHT nil-rate band thresholds at their 2020/21 levels up to and including 2025/26 also contributed to the rise.

According to the data, IHT receipts are now at their highest level on record.

It also showed that the combined value of agricultural and business property relief (APR and BPR) set against assets totalled £2.8 billion in the tax year 2019/20. This represented a fall of £0.7 billion, or 20%, when compared to the tax year 2018/19.

Meanwhile, the value of exempted transfers to qualifying charities also fell from £1.7 billion in the tax year 2018/19 to £1.6 billion in the tax year 2019/20.

Download our TaxApp Now

Tax rates, tips and calculators at your fingertips

Find out more

Register for newsletter

Why not register to receive our Monthly Newswire?

Find out more

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

Contact us | Site map | Accessibility | Disclaimer | Privacy |

Regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities.

Lloydbottoms Chartered Accountants, 118 High Street, Staple Hill, Bristol BS16 5HH

We are a member of the Institute of Chartered Accountants in England and Wales and in our conduct are subject to its Code of Ethics which can be found at www.icaew.com/en/members/regulations-standards-and-guidance/ethics. This is available in English.

We confirm that we are licensed to carry on general accountancy and tax practice by the Institute of Chartered Accountants in England and Wales. Details about our registration as practicing members of the Institute of Chartered Accountants in England and Wales can be viewed at http://find.icaew.com using our postcode.

© 2022 Lloydbottoms Chartered Accountants. All rights reserved. We use cookies on this website, you can find more information about cookies here.