Inheritance tax (IHT) receipts totalled £6.6 billion through the first nine months of 2025/26, HM Revenue & Customs reveals.

This represents an increase of 4% (£232 million), compared to the same period in 2024/25.

Official figures from HM Revenue & Customs today also show that receipts from capital gains tax (CGT) were £13.6bn, down 8.4% from £14.9bn in 2024.

Commenting on the latest data, Utmost head of UK technical services Simon Martin says: “Despite a slowdown in the rate of growth, Inheritance Tax receipts are on course for another record-breaking year underpinned by resilient property prices and asset inflation.”

“However, we may see behavioural shifts in the housing market as a result of the ‘Mansion Tax’ set to come into force from April 2028, which could yet temper the pace of future growth.”

“The decision at Autumn Budget 2025 to maintain the freeze on nil-rate bands and allowances means that a growing number of estates will be drawn into the IHT net in the years ahead.”

“When set against the structural changes announced a year earlier, Inheritance Tax is becoming an ever more dependable source of revenue for the Treasury.”

Meanwhile, Just Group director David Cooper adds: “Inheritance Tax has been a powerful revenue generator for the Treasury following four consecutive years of record tax takes thanks to frozen thresholds and rising asset prices.”

“While the tax is just about on track to clock up a fifth consecutive annual high and meet the OBR’s estimate, there are signs that the rate of increase has flattened this year.”

“The Treasury will be banking on the policies announced at the Autumn Budget 2024 to provide fresh momentum to meet the 67% increase in revenue forecast over the next five years.”