Inheritance tax receipts hit £0.8bn in April, up £97m on the same period a year ago, HMRC data shows.  

The tax body says rises in the tax since March 2022 are due to a combination of more wealth transfers following “recent liable deaths”, rising property prices, and freezes on tax-free thresholds. 

Inheritance tax is set to hit a record £9.1bn in 2025/26, according to the last Office for Budget Responsibility forecast made at the Spring Statement, with this figure set to rise to more than £14bn by the end of the decade. 

Inheritance tax is not liable on estates worth less than £325,000, but after this, the standard rate above this threshold is 40%, although there are exemptions and reliefs for businesses and gifting. 

Just Group director Stephen Lowe says: “The Treasury has enjoyed four years on the trot of record inheritance tax receipts and this April’s figures show a rapid start to 2025/26 with the tax raising over three-quarters of a billion pounds this month alone.” 

Quilter tax and financial planning expert Shaun Moore adds: “Inheritance tax receipts for April stood at £0.8bn, which is £97m higher than last year, continuing the steady upward trend seen over recent years.  

“With property prices remaining high and nil-rate bands still frozen until 2030, more families are being caught by inheritance tax, many without realising until it’s too late. “Upcoming changes to business and agricultural relief from 2026, and the inclusion of unused pensions in estates from 2027, mean this trend is unlikely to reverse any time soon.  

“For those who are worried about inheritance tax, gifting remains the best defence against it, but this should be weighed against your own needs.”