Inheritance tax (IHT) revenues reached £1.4bn between April and May 2026, according to the latest figures from HMRC.
This represents a decrease of £37 million compared to the same period last year.
But despite the year-on-year decline, the government believes IHT revenues are expected to continue to rise over the coming years.
HMRC said the rise in revenues would be driven by a combination of increased wealth transfers following recent responsible deaths, growth in asset values and the government’s decision to freeze tax-free thresholds at 2020/21 levels until the 2030/31 tax year.
The data also highlights several periods of unusually high revenues in recent years.
Higher revenues in June and October 2023, September and October 2024, and April and December 2025 were due in part to a small number of exceptionally large payments.
Commenting on the figures, Will Hill, CEO of Key Equity Release, said: “The growing demand from clients for IHT and estate planning support highlights the need for comprehensive advice that considers all options to support the objectives of tax-efficient retirement funding and intergenerational wealth transfer.
“Despite a slight decline in revenues from April 2026 to May 2026 compared to the same period last year, IHT gross receipts are still on track to reach £14.5 billion by the 2030/31 tax year compared to £8.5 billion in the last tax year, so quality advice has never been more important.”
The IHT receipts were for April 2026 £0.7bnThis is £65 million less than the same period last year.
