According to figures from the UK tax office, HMRC managed to net £4.3 billion in revenues from Inheritance Tax (IHT) in the 11 months to February of this year.
Statistics published today showed that revenues have been on the rise since 2008/9.
Figures plummeted by £1bn in 2008/9, following a previous record net of £3.82bn, but have been on the rise ever since – climbing back to £3.8bn in 2015.
The latest figure of £4.3bn represents a new record, which HMRC attributes to an abnormally high death rate between December 2014 and March 2015, coupled with a dramatic all-round increase in the values of assets left in estates.
The figure follows recent criticisms voiced by Conservative party members and The Treasury over Chancellor George Osborne’s plans to introduce a new IHT allowance of £1m for married, home-owning couples in April 2017.
By 2021, the Institute for Fiscal Studies estimates that the number of UK estates liable for IHT will have fallen by approximately 40 per cent.
However, the proportion of estates currently liable remains remarkably high in comparison with the last 35-40 years – and is estimated to reach 6 per cent in 2020/21.
