Inheritance tax (IHT) receipts have continued to rise, totalling a record £2.3bn between April and June, marking a £96m year-on-year increase, HMRC has revealed.

The latest rise, which marks a £96m year-on-year increase, follows five consecutive record years of IHT receipt collections, with June’s results being the first period to represent the first full quarter since changes to agricultural property relief (APR) and business property relief (BPR) came into effect.

Receipts are expected to continue rising, with tighter IHT policies announced in 2024’s Autumn Budget expected to push collections to £14.5bn in the 2030/31 financial year.

This would mark a 67% increase in collections over a five-year period, according to data from the Office for Budget Responsibility (OBR).

The latest update follows Andy Burnham being sworn in as Prime Minister yesterday, which analysts believe could lead to further changes to IHT legislation.

Chartered financial planner at Titan Wealth, Lee Quinn, stated: "The arrival of Andy Burnham in Number 10 and the unveiling of a new Chancellor will inevitably prompt questions about whether the direction of inheritance tax policy could change again. However, families cannot plan on the basis of political speculation, and the reforms already scheduled will have significant implications for how pensions are used and wealth is passed on.

"We are seeing growing demand from clients who want to understand their position before the new rules take effect. Whatever comes next from the Treasury, early planning remains essential, as the most effective options often require time."

Despite the changes in APR and BPR, tax partner at S&W, Laura Hayward, said that the full effect of these changes may not be fully visible.

She concluded: "Estates have six months from the date of death to pay, so the third quarter would perhaps give a better indication of the likely longer-term impact. Even then, it’s unlikely to be clear.

"In fact, receipts in the coming months could prove unpredictable. On the one hand, we will certainly see some larger estates that didn’t take action before April incur significant IHT bills. On the other, we don’t yet know how many used trusts before this April to lock in the full APR and BPR relief. Figures on the number of trusts are only published annually."

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