Inheritance tax (IHT) receipts totalled £730m in May, up from £701m recorded in the same period last year, HMRC has revealed.

This follows £715m collected in April, and the current financial year’s figure stands at £1.4bn, although this is a £37m year-on-year drop.

The latest data follows five consecutive record years of IHT receipt collections.

Looking ahead, IHT receipts are forecast to keep 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).

CEO at Key Equity Release, Will Hale, stated: "Rising demand from clients for IHT and estate planning support is turning the spotlight on the need for holistic advice which looks at all options to support objectives around tax-efficient retirement funding and intergenerational wealth transfer.

"Despite a small dip in receipts from April 2026 to May 2026 compared to the same period last year, total IHT receipts remain on course to hit £14.5bn by the 2030/31 tax year compared with £8.5bn in the last tax year so never has quality advice been more important. Advisers looking to achieve good outcomes for clients should be taking into account all assets and liabilities that sit on the family balance sheet.

"With over £3.8trn of unencumbered housing equity sitting with the over 65s, property wealth must play a major role in all planning strategies."

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