Inheritance tax receipts continue to soar, up 9% before Budget

Inheritance tax receipts hit £3.5bn between April and August, up £300mn from last year, with a record-breaking trend expected to continue. The frozen nil-rate bands and high inflation have led to increased IHT receipts, prompting calls for reform as families face hefty tax bills. Labour’s upcoming Budget may see changes to gifting allowances and residential nil-rate bands, potentially resulting in a ‘double death tax’ and stricter rules on lifetime transfers.

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