Inheritance tax receipts hit £2.1bn in Q2

HMRC data has revealed that inheritance tax receipts for the period between April and June 2024 hit £2.1bn, up by £83m compared with the same period last year. 

Meanwhile, gross tax and NICs receipts hit £195.1bn for the period, which is £4.7bn higher than the same period last year. 

During the period, overall cash receipts were higher mainly from Income Tax, Capital Gains Tax and National Insurance contributions (NICs) at £1.9bn, business taxes at £1.7bn, and stamp taxes at £0.5bn.

Income tax, CGT and NICs receipts for April to June 2024 stand at £108.3bn, which is £1.9bn higher than the same period last year.

PAYE IT and NICs receipts for the period were also £108.5bn, spelling a £2.5bn rise on the same period last year. 

According to HMRC data, the latest receipts in June largely related to May liabilities. 

Majid Hussain, partner and head of private client at Haysmacintyre, said: “As HMRC’s tax receipts have continued to rise over the past 12 months, there is bound to be a prevailing sense of uncertainty over the prospective tax impact on individuals following the recent election of the new government. 

“While the rate of overall tax increases has slowed somewhat, the tax burden on individuals is still at a 70-year high, and the government has not yet ruled out any tax increases. And in the wake of the King’s Speech this week, it’s unlikely that the Treasury would be deterred from implementing some form of inheritance tax or capital gains tax changes come the autumn.”

He added: “While it may feel like we’re in limbo as we await clarity from the government on what happens next for taxes, the UK’s tax landscape is set to change – and while the focus has inevitably been on the non-dom regime, the taxation of private equity rewards remains firmly in the Chancellor’s line of sight, alongside potential changes to capital gains tax and inheritance tax.”