IHT receipts rise by £330m in first six months of 2026/27; CGT take remains steady

Inheritance tax (IHT) receipts increased by £330m year-on-year in the first six months of the 2026/27 tax year, while capital gains tax (CGT) take remained steady over the same period, according to figures from HMRC.

In its latest update, HMRC revealed that IHT receipts between April and September 2026 were £4.72bn, up from £4.39bn during the same period last year.

September saw £936m of IHT take, the highest monthly total on record, exceeding the £671m collected in September 2025 and the previous record of £871m in June 2026.

The Office for Budget Responsibility (OBR) has estimated that IHT receipts will total £9.5bn in 2026/27.

"IHT receipts continue to rise, with frozen thresholds and rising asset values continuing to draw more families within scope of the tax,” said Utmost head of UK technical services, Simon Martin.

“This year could still be another record, but growth so far is running behind the pace the OBR expected.

"With the Budget next week, families and wealth creators will be watching closely for further changes to the tax system.

“The changing and increasingly complex tax landscape reinforces the value of good financial advice and legacy planning in helping families understand their situation and navigate the system with confidence."

Meanwhile, CGT receipts between April and September 2026 were £1.13bn, the same level as the first six months of the 2025/26 tax year.

In September, CGT take totalled £216m, up from £207m in September 2025 and from £198m in August 2026.

"CGT receipts remain elevated following a record year for the Treasury, with higher rates introduced at the Autumn Budget 2024 and ongoing fiscal drag bringing more taxpayers into the CGT net,” Martin stated.

"With reports suggesting the Chancellor is highly unlikely to increase the rates of CGT at next week's Budget, investors and business owners will still be waiting until the Budget itself to make sure there are no other surprises lurking in that red dispatch box of his.

"The OBR expects CGT to make an increasingly significant contribution to Treasury revenues in the coming years, but that depends on investors continuing to realise gains in the UK.

“Keeping the tax burden from rising again on investment gains, property and business assets matters when internationally mobile investors, entrepreneurs and business owners can look to more favourable regimes elsewhere."

---