HMRC raked in a record £3.1bn in inheritance tax (IHT) receipts in the first four months of 2025/2026, the latest figures show.
This is an increase of £229m (8%) compared to the same period in 2024/25, when it pulled in £2.8bn.
The Office for Budget Responsibility's most recent forecast predicted that IHT would generate £9.1bn for the Treasury in 2025/2026, and more than £14bn by 2029/2030.
Simon Martin, head of UK technical services at Utmost Wealth Solutions, said: "IHT is an increasingly lucrative revenue stream that is now delivering all-time high totals for the Treasury year after year – and this financial year is currently firmly on track for another record.
"Given the reforms already announced to the IHT regime alongside the ongoing freeze to thresholds, we would expect more and more estates to continue to tumble into the IHT tax net."
He added that with public finances still under strain, it appears "increasingly likely that the chancellor will look at the IHT regime yet again at the upcoming Autumn Budget".
"With further changes to be implemented over the coming two years, we continue to see strong and growing demand for financial advice."
Capital gains tax (CGT) receipts were also up in the first four months of the year, with the Treasury collecting £732m in CGT, up 11% compared to the same period last year.
Martin added: “The increase in rates and tightening of the annual exemptions at the Autumn Budget is expected to increase CGT receipts by nearly 50% in this 2025/26 tax year, reaching around £20 billion."
Rachael Griffin, tax and financial planning expert at wealth manager Quilter, said the UK government faces a "delicate balancing act" at the upcoming Budget.
"Revenue needs are real, but so is the risk of overreach. Tax policy must be proportionate, predictable and mindful of behavioural responses. Otherwise, it risks undermining both public confidence and the tax take itself."
This article originally appeared on our sister title International Adviser
