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HMRC’s IHT receipts total £1.1bn for April and May


By Michael Griffiths

Receipts received by HMRC for inheritance tax (IHT) totalled £1.1bn for the months of April and May, new figures have revealed.

This total is around £100m higher than in the opening two months of the tax year in 2021


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UK inflation up to 9.1% as price rises remain highest in 40 years

UK inflation is continuing to rise at its fastest rate for 40 years as the latest rate edged up to 9.1% in the 12 months to May, new data published by the Office for National Statistics (ONS) has revealed

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Average house prices climb 12.4% in year to April – ONS

Annual house price growth climbed to 12.4% in the year to April, according to the latest UK House Price Index published by the Office for National Statistics (ONS)

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HMRC’s IHT receipts total £1.1bn for April and May

Receipts received by HMRC for inheritance tax (IHT) totalled £1.1bn for the months of April and May, new figures have revealed. This total is around £100m higher than in the opening two months of the tax year in 2021

IHT receipts total £500m in April

Receipts for inheritance tax (IHT) started the new tax year by totalling £500m for HMRC in April, new figures have confirmed

HMRC’s IHT intake surpasses £6bn for tax year

HMRC has now taken in £6.1bn from inheritance tax (IHT) receipts since April 2021, new figures have confirmed

FOI reveals only 150,000 trusts registered with HMRC

A Freedom of Information request to HMRC has revealed that just 153,241 trust registrations have been received since the Trustee Registration Service began in June 2017

Treasury Committee introduces Sub-Committee for financial services regulation

The Treasury Committee has launched a new Sub-Committee to scrutinise regulatory proposals for the financial services sector

FCA fines UK insurance broker £7.8m for financial crime control failings

Insurance broker JLT Specialty Limited has been fined £7.8m by the FCA for financial crime control failings

Treasury announces new plans to regulate BNPL sector

The Treasury has announced new plans to strengthen the regulation of buy now pay later (BNPL) finance products

Treasury commits to reform of Consumer Credit Act

New plans to reform consumer credit laws that would cut costs for businesses and simplify rules for consumers have been unveiled by the government

UK inflation up to 9.1% as price rises remain highest in 40 years

UK inflation is continuing to rise at its fastest rate for 40 years as the latest rate edged up to 9.1% in the 12 months to May, new data published by the Office for National Statistics (ONS) has revealed

Parents would gift average £22k to children if repayment was guaranteed

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Consumer finance market grows by 21%

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Equity release accounts for one in every £90 of retirees’ spending

Equity release funds currently account for one in every £90 spent by retired people within the UK, research published by Legal & General and the Centre for Economics and Business Research (Cebr) has indicated

Treasury rejects suggestions for HMRC-led AE solution for multiple job holders

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DC pension contributions increase as active membership grows

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DB schemes’ aggregate funding ratio reaches record high

The aggregate funding ratio of defined benefit (DB) pension schemes in the UK reached a record high of 118.9% at the end of May, up from 114% a month prior, according to the Pension Protection Fund (PPF) 7800 Index.

Average UK worker may unknowingly breach £1.1m lifetime allowance

The average worker is on track to exceed the current lifetime allowance of £1,073,100 by the typical retirement age of 64-65 in the UK, according to new modelling from online pension provider PensionBee

Market Financial Solutions secures £250m in new funding

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Lloyds Banking Group acquires Cavendish Online

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LISA withdrawal charges top £33m while cash ISA subscriptions plunge

LISA withdrawal charges amounted to over £33m in the 2021/22 tax year, according to new data from HMRC

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Bridging lender Kuflink has announced that its P2P platform has just passed the £200m mark as its levels of investment continue to accelerate

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There are a number of reasons as to why you may wish to settle assets in trust, but one of the most prominent is to protect family wealth and to look after the long term interests of family members

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