Inheritance Tax Nets £2.1 Billion in Just Three Months

Inheritance Tax Boosts Crown’s Pot to £2.1 B in the First Three Months of 2024‑25

Quick Snapshot of the Numbers

HMRC just dropped the numbers and voilà—inheritance tax collected in April, May & June tallied up to £2.1 billion. That’s a splash of £83 million more than the identical quarter last year.

It’s Been On a Steady Climb for Over Two Decades

Each year the receipts keep marching higher.
During the last full tax year 2023‑24 the tax hit around £7.5 billion.
Expect the next quarter to follow the trend – the numbers don’t stand still.

In the Crosshairs of Politics

If that doesn’t make your head spin, remember Labour’s bold pledge: “We’re not raising Income Tax, National Insurance, or VAT.” The only “safe” tax left on the table? Inheritance tax.

Survey Finds 42% Would Cut This Tax First

A recent poll from Wealth Club clients flashed a single answer: if you could slash one tax, inheritance tax would be at the top of the list.

Expert Take: Nicholas Hyett on the Hot Potato

Nicholas Hyett, Investment Manager at Wealth Club, calls it a “political hot‑potato.” He explained why:

“The new government’s promise to keep most taxes steady means any spending crunch has to be met elsewhere.
Inheritance tax isn’t a fixed asset; it’s in the spotlight, especially as the government considers tightening rules for non‑resident earners.
If the UK sees a roughly £100 billion yearly transfer of wealth through estates and gifts, there are major ways to hit the bottom line.
Reforms would hit family farms and small businesses hard; meanwhile, reliefs for the AIM market, Enterprise Investment Scheme, and Seed Enterprise Investment Scheme keep the engines of British entrepreneurship humming.
Every change must be handled with finesse because looking at the big picture, it’s about balancing behaviour incentives with revenue generation.”