Inheritance tax receipts continue to rise in summer months of 2022

Receipts of inheritance tax reached £2.9bn for the months from April to August 2022 which is £300m higher than in the same period one year earlier according to statistics from HMRC.

Alex Davies chief executive officer and founder of Wealth Club said: ‘The new prime minister has stated that she would review inheritance tax rules if she came into power. But it’s hard to imagine inheritance tax is top of the to-do list for Friday’s mini budget especially with so many more pressing issues at hand. The tax is a vital cash cow for the Treasury and the extra £300m collected in the last four months is certainly needed.’

But he suggested the government might consider reforming the tax by cutting the 40% rate or increasing the threshold which has been frozen since 2010 at £325 000.

Julia Rosenbloom tax partner...