New figures released by HMRC reveal that £701m was paid in inheritance in June, bringing the total figure to £2.1bn for Q2.
The figure for the period from April to June is also £83m higher than the same period in 2023, which continues the trend of increasing totals.
In total, £7.49bn was raised in inheritance tax for the last full tax year.
Hargreaves Lansdown Head of Retirement Analysis, Helen Morrissey, said: “The tax take continue to soar.”
“If assets such as our home and savings are worth more than the IHT nil rate band (currently £325,000) and the residence nil rate band (£175,000) then our families could get hit with a bill,” she adds.
“However, with inheritance tax not levied on Sipps and pensions in most cases it can be a tax efficient way to pass money on.
Just Group Communications Director, Stephen Lowe, commented: “Every quarter we continue to see inheritance tax raising ever more money for the government and the trend looks set to continue,” says Lowe.
“Frozen thresholds and property prices are expected to keep tipping more estates over the threshold, generating growing revenues for the Treasury.”
