Overview

• HMRC took £3.1 billion in inheritance tax between April and July 2025, about £200 million more than the same period last year, a rise of roughly 6.9%.
• Receipts hit a record £7.5 billion last year, underscoring the growing reach of the levy.
• HMRC cautions that many households may not realise they face IHT and urges multi‑year planning, with lawyers noting that gifts made within seven years of death can still be taxed.
• Advisers highlight lawful steps such as making regular gifts from income and documenting them via IHT403 income and expenditure forms, with HMRC said to apply a common‑sense approach when records are clear.
• An industry expert projects IHT receipts could double to about £14.3 billion within five years, citing fiscal drag and pending rule changes that include pension assets being counted from April 2027 and tighter reliefs from 2026.