Inheritance tax (IHT) receipts totalled £5.8bn in the eight months to November, a year-on-year increase of £84m, HMRC has revealed.

The latest data has shown that receipts are on track to reach another record haul, after £8.2bn was collected in the last financial year.

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 follows the Government’s announcement in last year's Budget that the IHT nil rate band would remain frozen at £325,000 until April 2031.

Director at Just Group, Stephen Lowe, said: "IHT continues to be a quiet but powerful revenue engine for the Treasury, with another bumper year of receipts on the cards as rising asset prices, frozen thresholds and tighter exemptions do the heavy lifting.

"With record breaking takings rolling in and last year’s Budget reforms still feeding through, IHT is securing its spot as one of the Treasury’s most dependable money-spinners.

"In a changeable fiscal environment, it is important that anyone who is uncertain or concerned that their estate may be subject to IHT gets ahead of the game. An up-to-date valuation of their estate, especially an assessment of their property wealth, will be crucial to future planning.

"Estate planning is complex and it’s not made any easier when the rules are shifting. Many families who wish to manage their affairs efficiently will benefit from professional financial advice."

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