The inheritance tax take has hit £7.5bn a year, up 17% from the last 12-month period and 50% over five years, while corporation tax receipts were up significantly due to 25% rate
Inheritance tax (IHT) receipts for April 2023 to September 2023 were £3.9bn, which was £400m higher than the same period last year.
Total tax take for September 2023 was £61.3bn, up from £58.1bn a year ago. This was driven by a £1.5bn hike in income tax receipts to £17.4bn compared with the previous year. Inheritance tax receipts were up £66m on the same time last year at £623m while the 25% corporation tax rate has ramped up revenues from businesses by more than a third to £13.9bn in September, up from £10.4bn the previous year.
Scott Fowler, principal, client services at Ryan, said: ‘HMRC is collecting a significantly higher amount of business-related taxes compared to last year, with receipts from April to September reaching £43.3bn.
