Inheritance tax receipts for October 2022 totalled £580m, up from £466m in the same month a year ago, according to the latest Government figures.
While receipts for the current tax year-to-date (April 2022-October 2022) reached £4.1bn, which is £0.5bn higher than in the same period a year earlier.
Stephen Lowe, group communications director at Just Group, said: “The Treasury continues to rake in record amounts from inheritance tax.
“The Chancellor’s decision to extend the freeze on the nil rate band for another two years to 2027-28, means the Treasury looks set to feast on these bumper IHT returns for at least the next five years.
“We may not like the freeze on the thresholds for the next six years, but it does provide some certainty about what people can expect.
“We’d encourage people to make use of this and assess the value of their estate to understand if inheritance tax is likely to affect them.
“There are ways to mitigate the impact of inheritance tax and we’d recommend that people speak with a financial adviser to explore their options.”
