The government’s inheritance tax (IHT) and capital gains tax (CGT) receipts continued to outpace 2024/25 levels in the first eight months of the 2025/26 tax year, HMRC’s latest figures have shown.

IHT receipts are on track for another record-high tax take this year, with the Treasury collecting £5.8bn between April and November 2025.

This represents an increase of £83m (1 per cent) compared to the same period in 2024/25.

The most recent forecast from the Office for Budget Responsibility (OBR) estimated that IHT receipts would raise £8.7bn in 2025/26, a year-on-year increase of 4.5 per cent.

IHT receipts are anticipated to continue rising over the remainder of the decade, driven by rising house and equity prices and the impact of policies announced in the 2024 Autumn Budget, to reach £14.5bn in 2030/31.

“IHT continues to be a quiet but powerful revenue engine for the Treasury, with another bumper year of receipts on the cards as rising asset prices, frozen thresholds and tighter exemptions do the heavy lifting,” said Just Group director, Stephen Lowe.

“With record-breaking takings rolling in and last year’s Budget reforms still feeding through, IHT is securing its spot as one of the Treasury’s most dependable money-spinners.

“In a changeable fiscal environment, it is important that anyone who is uncertain or concerned that their estate may be subject to IHT gets ahead of the game. An up-to-date valuation of their estate, especially an assessment of their property wealth, will be crucial to future planning.”

HMRC’s data also showed that the Treasury collected £1.583bn in CGT in the first eight months of 2025/26.

This was an increase of £64m (4 per cent) compared to the same period in the previous financial year.

The OBR has recently revised its forecast for CGT receipts up by an additional £6.1bn between 2025/26 and the end of the decade.

Around £2.7bn of the additional receipts were through reduced CGT relief on disposals to employee ownership trusts from 2026/27, and £3.4bn through rising equity prices.

CGT is now expected to raise £20.3bn in 2025/26 and £27.3bn by 2029/30.

“The Treasury continues to benefit from its reforms to the CGT regime with increased rates announced at the Autumn Budget 2024 expected to drive growing collections,” commented Utmost Wealth Solutions head of UK technical services, Simon Martin.

“These receipts are now forecast to be higher than previously expected thanks to both reduced reliefs on employee ownership trusts confirmed at the Autumn Budget 2025 and ongoing growth in equity and property valuations.

“Nonetheless, behavioural changes and the so called ‘Mansion Tax’ reforms could yet act as a drag on rising CGT receipts.

“Given the rapid and consequential changes to the CGT regime, we are seeing strong demand for financial planning as people look to both understand how the changes could impact their long-term strategies and to prepare for the future.”

---