Core Insights - HM Revenue & Customs (HMRC) reported that inheritance tax (IHT) receipts for April 2025–January 2026 reached £7.1 billion, an increase of approximately £100 million compared to the same period last year, indicating a continuing upward trend in IHT receipts [1] - The increase in IHT is attributed to a prolonged freeze in the nil-rate band and residence nil-rate band, along with sustained growth in property values and investment portfolios over the past decade, resulting in more families being subject to IHT [2] - The impact of IHT at a rate of 40% is significant, particularly for estates valued between £3 million and £5 million, where tax liabilities can exceed £1 million without proper planning [3] Tax Revenue Overview - HMRC's total gross receipts for the tax take and National Insurance (NI) contributions during the same period amounted to £784.9 billion, reflecting an increase of £65.6 billion compared to the previous year [3] - Income Tax, Capital Gains Tax, and NI contributions saw a combined increase of £52 billion, totaling £460.7 billion [4] - Value Added Tax (VAT) receipts rose by £9 billion to £154.3 billion, while stamp duty and related taxes increased by £1.9 billion, reaching a total of £17 billion [4] - Business tax receipts for April 2025–January 2026 were reported at £81.8 billion, marking a £1.8 billion increase from the same period last year [4]