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HMRC’s monthly tax receipts bulletin published on 23 June showed that inheritance tax receipts for April 2022 to May 2022 were £1.1bn which is £0.1bn higher than the same period in 2021.
As a result Julia Rosenbloom tax partner at Evelyn Partners is encouraging families to examine their tax planning and consider whether they are making the most of their allowances.
According to projections published in a March 2022 report from the Office for Budget Responsibility the upward trend in inheritance tax collections will continue with the Treasury likely to receive £37bn the next five years.
Ms Rosenbloom said: ‘We don’t know what if any changes will be made to inheritance tax in the Budget later this year but successive year-on-year rises of tax receipts will be welcomed at 11 Downing Street.’ As a result she says now...
