Inheritance tax (IHT) receipts totalled £5.2bn in the seven months to October, new HMRC data has revealed.

The latest figure is £160m up on the same stage of the last financial year, which saw a record £8.2bn collected in total.

The Office for Budget Responsibility (OBR) has forecast that £9.1bn will be collected in the current financial year, and this figure is set to surpass £14bn by the 2029/30 tax year.

The latest data is the last set of public finance figures to be released before the Budget next week, with head of estate planning at Evelyn Parters, Ian Dyall, stating that today’s figure will be "more keenly watched for the state of the public purse".

He added: "While IHT receipts continue their predictable upward trend, IHT reliefs have not featured prominently in the months of speculation around possible tax-raising measures anticipated in the Autumn Budget.

"After all, IHT reforms announced at the last Budget, including bringing unspent pension pots into the scope of IHT from April 2027 and slashing agricultural and business property reliefs from next April, have yet to take effect.

"The UK’s rather complex gifting regime did appear in early Budget speculation but whether or not the Chancellor decides to review it, families should do their own review – at least those building up significant IHT liabilities."

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