Inheritance tax receipts reached £4.4bn in the first six months of the 2025/26 tax year, according to new data released by HM Revenue and Customs.
The figure is £0.1bn higher than the same period last year and continues a long-term upward trend in receipts over the past two decades.
Will Hale, CEO of Key Advice & Air, said: “Today’s numbers continue a familiar trend and highlight once again the government’s commitment to a tax raid at point of death on wealth that people want and expect to be passing to the younger generations.
“Given the well documented pressure on UK public finances, it is likely that the November Budget will see further tax measures introduced that will require careful consideration by customers and their advisers if financial plans, in life and in death, are to be fulfilled.
“This is no longer a problem just for the rich and all families should be seeking advice to understand potential implications and the options available to mitigate the impact.
“£3.7 trillion of property wealth sits in the hands of the over 55s, so later life lending solutions, including products such as modern lifetime mortgages, need to be central to all financial planning considerations around funding older age and intergenerational wealth transfer.
“Never has the role of advice been more critical. Advisers need to step-up to the challenge of raising customer awareness of the risks and opportunities and ensuring they maintain a wide field of vison of all the options available – putting in place referral arrangements with trusted specialists in areas that extend beyond their own scope of advice.”
Stephen Lowe, director at retirement specialist Just Group, said: “Inheritance Tax continues to prove a treasure trove for the Chancellor. Rising asset prices, frozen thresholds and a tightening of the exemption regime are all combining to drive ever-growing receipts.
“The Treasury now looks set to collect a fifth consecutive record annual haul. With further reforms that were announced at last Autumn’s Budget yet to be implemented, we can expect this trend to continue and grow.
“Anyone who is uncertain or concerned that their estate may be subject to Inheritance Tax should get an up-to-date valuation of their estate, including a recent assessment of their property wealth.
“Estate planning is complex and difficult – especially with tinkering to the rules – and many families who wish to manage their estate efficiently will benefit from professional financial advice.”
