Inheritance tax receipts are on course to increase to a new record this financial year, according to early data.
HM Revenue & Customs published figures on Tuesday which showed the amount raised in April and May rose by 9.1% year-on-year to £1.2bn. If this increase held for the entire year to next April, the tax take would hit £7.7bn in 2023-24.
In March, the Office for Budget Responsibility forecast it would not reach that level until 2027-28.
Increases in IHT receipts have been driven by frozen thresholds and rising asset values, especially for residential property.
More than 93% of estates do not pay any inheritance tax.
