Inheritance Tax Receipts Up
October 17th, 2017
Annual inheritance tax revenue has smashed through £5 billion for the first time, with HMRC’s receipts for the 2016/17 tax year totalling £5.1 billion. This is a 19.1% increase on the £4.7 billion raised in 2015/16 – and it’s more than double the amount collected seven years ago.
With inheritance tax thresholds having been frozen since 2009/10 – and estate values climbing considerably due to rising house prices and positive stock markets – the number of people affected by inheritance tax is growing. Even with the April introduction of favourable new rules, the Office for Budget Responsibility forecasts annual revenues will continue to rise annually and reach £6.2 billion by 2021/22.
Sources: Which and The Telegraph