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HMRC received £5.2bn inheritance tax during 2019-20 according to HMRC statistics. This is a decrease of 4% (£223mn) on 2018-19 and is the first time inheritance tax receipts decreased since 2009-10. HMRC’s analysis suggests this is likely to be because of the introduction of the residence nil-rate band (RNRB) tax-free threshold in April 2017.
Further in 2017-18 3.9% of UK deaths resulted in an inheritance tax charge down by 0.7 percentage points since 2016-17 according to HMRC statistics also reversing the longer term increase since 2009-10.
As a result of the introduction of the RNRB the total number of UK deaths that resulted in an inheritance tax charge has fallen for the first time since 2009-10. In 2017-18 there were 24 200 such deaths a decrease of 3 900 (14%) since 2016-17.
The statistics reveal that in 2017-18 ...
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