Monthly figures published by HMRC show the number represents an increase of 10.8% on the same period of 2023/24.
More widely, gross HMRC tax and National Insurance receipts from April 2024 to March 2025 were £857bn, which is £28.1bn higher than the same period last year.
Why are inheritance tax receipts rising?
The amount of inheritance tax that Brits pay is rising due to a combination of rising asset values and frozen thresholds.
Since the inheritance tax nil rate and residence nil rate bands were frozen in April 2022, the amount of income tax paid has risen by 21%. The freeze is set to remain in place until 2030.
The figure is set to rise even further when pensions start being included in the inheritance tax net from April 2027.
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Ian Dyall, head of estate planning at Evelyn Partners, said: “Even with market turbulence like we have seen recently, long-term increases in asset values tend to draw more estates across the IHT thresholds, and the inclusion of unspent pension funds in IHT liabilities from April 2027 – along with the dilution of agricultural and business reliefs next year – will give that trend a big leg-up.
“Extended financial market turmoil and a possible recession could hit tax revenues and borrowing costs for the Government, in which case Treasury minds will wander towards further areas that can be tapped to shore up the public finances. So the Chancellor might not be done with IHT reform quite yet.”
Are you due an inheritance tax rebate?
Some families could be due to an inheritance tax rebate following the recent stock market turbulence.
For example, if an estate was valued on death six months ago and the inheritance tax bill settled on the basis of that, then by the time probate is granted and assets have been liquidated, it could be that the total value of the estate has dropped.
Executors in this situation should check the estate’s value at the point it is distributed to beneficiaries and compare this to the estimate given to HMRC when the inheritance tax liability was calculated. It could be that the estate is due some money back from HMRC.
