The UK government raked in £6.6 billion in inheritance tax (IHT) receipts in the first nine months of 2025/26, an increase of £232 million compared to the same period in 2024/25 (£6.3 billion), HMRC data shows.
The rate of increase in IHT receipts is slowing compared to previous years, but remains on track to surpass last year’s record haul and meet the OBR forecast from the Autumn Budget 2025 (with receipts reaching £8.7 billion in 2025-26).
IHT receipts are expected to continue to rise, with Budget policies pushing the IHT take to £14.5 billion by 2030-31. That would mark an increase of 67% over a five-year period, according to the OBR’s estimates.
David Cooper, director at retirement specialist Just Group, said: “Inheritance Tax has been a powerful revenue generator for the Treasury following four consecutive years of record tax takes thanks to frozen thresholds and rising asset prices.
“While the tax is just about on track to clock up a fifth consecutive annual high and meet the OBR’s estimate, there are signs that the rate of increase has flattened this year. The Treasury will be banking on the policies announced at the Autumn Budget 2024 to provide fresh momentum to meet the 67% increase in revenue forecast over the next five years.”
