Inheritance tax (IHT) receipts reached £3.06bn in the first four months of the 2025/26 financial year, according to the latest HMRC update.
The figure is £229m higher than the £2.83bn collected over the same period in 2024/25, representing an 8% rise.
Last year marked the fourth consecutive record-breaking year of IHT, with receipts totalling £8.2bn for the Treasury.
Current projections suggest 2025/26 will continue the trend, with the Office for Budget Responsibility forecasting a record £9.1bn this year, rising to more than £14bn by 2029/30.
Stephen Lowe, director at retirement specialist Just Group, said: “Rising asset prices, frozen thresholds and constrained public finances continue to tighten the Inheritance Tax net and secure increasing receipts for the Treasury.
“This year looks set to be no different, current figures show the 2025/26 year is on course to be another record breaker – for the fifth year in a row.
“As the Chancellor continues to feel the fiscal pressure, she will want to explore all her options ahead of the Autum Budget. It’s likely that Inheritance Tax will have the slide rule run over it once more.”
Lowe added that with more estates falling into scope, it was vital for families to track the valuation of their assets, particularly property.
He said: “With more estates being subject to inheritance tax, and the prospect of changes to the rules on the horizon, it is important people keep track of the valuation of their estate, including a recent assessment of their property wealth.
“Estate planning is complex and difficult, so many families may find it beneficial to seek professional financial advice to understand their circumstances, the impact of the IHT regime and their options for minimising tax liabilities.”
