Inheritance Tax receipts for April 2024 to July 2024 reached £2.8 billion, £0.2 billion higher than the same period last year, largely due to rising property and asset values.
With no complaints from the Treasury and IHT allowances frozen, the Chancellor is incentivized to capitalise on increased IHT receipts as a revenue source.
The anticipated growth in IHT revenues stems from the 'great wealth transfer' as baby boomers pass on an estimated £5.5 trillion over the next 30 years.
The Labour party seeks to re-evaluate certain inheritance tax reliefs, particularly targeting business and agriculture reliefs, and may include pension pots in taxable estates.
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