Despite much pre-Budget speculation earlier in the year, there were no major reforms to IHT announced. The amount of IHT collected in 2023/24 hit a record high, partly fuelled by increased property valuations and the freezing of the nil rate band. The latest published statistics show the Treasury collected £7.5bn in the 2023/24 tax year, £0.4 billion higher than the previous year.
The statistics also revealed a higher tax revenue for most other taxes compared to the previous year. Combined Income Tax, Capital Gains Tax and National Insurance contributions were up by £23.7 billion, VAT by £9.5 billion and business tax by £10.3 billion.
Stamp duty receipts fell by £4.3 billion. Income Tax Self Assessment receipts were also slightly lower than the previous year, having fallen by £0.3 billion.
Further reading: HMRC's published tax statistics