The government’s inheritance tax (IHT) intake is now up to £5.9bn for the period since April last year up to the end of January, according to new HMRC figures.

This total is around £900m higher than HMRC’s IHT receipts over the same period a year prior.

HMRC stated that the current intake included higher receipts in June and November last year, which it attributed to a small number of higher-value payments than usual.

More estates have been pulled into the IHT net in the last few years, largely as a result of rising house prices, particular in London and the South East of England.

In Chancellor Jeremy Hunt’s Autumn Statement last November, he also announced that the IHT threshold of £325,000 will remain frozen until April 2028, a move likely to push more people over the IHT threshold.

Group communications director at Just Group, Stephen Lowe, said the Chancellor has “struck a seam of gold” with recent IHT receipts, as he looks set to receive another record haul this financial year.

“Receipts are likely to race past official predictions for the next few years,” Lowe commented. “The OBR forecast a tax-take of £6.7bn for the current financial year rising to £6.8bn by 2025/26 but with receipts averaging £588m a month this year, inheritance tax receipts are on track to exceed £7bn this year.

“The combination of frozen thresholds and property prices that have soared over the years mean that receipts could continue to grow over the coming years.

“While it’s good news for the Treasury there will be many people for whom an inheritance tax bill will be a nasty shock. These figures provide a reminder for people to assess the value of their estate regularly, taking into account an up-to-date valuation of any property they own.”

Tax partner at Evelyn Partners, Laura Hayward, commented: “With monthly IHT receipts continuing to show year-on-year increases, families should give careful thought to their tax planning to minimise the chances of landing themselves a hefty tax bill.

“All eyes are now on what, if any, changes to IHT Hunt will announce in his first proper Budget on 15 March. However, even if the IHT regime remains unchanged, many families will still be pushed into its scope given that the nil rate band and residence nil rate band have both been locked into place until at least April 2026. Many have also been brought into its scope by rising houses in recent years.

“Families should look closely at the ways of reducing or eliminating IHT bills. Gifts you make to other individuals are generally not subject to IHT unless you die within seven years. There is also an annual gift allowance of up to £3,000 per tax year, and this will not be subject to IHT even if you do die within seven years.”

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