Inheritance tax receipts hit £4.4 billion in the first six months of the 2025/26 tax year, official data has revealed. This is £100 million higher than same period of the previous tax year and continues an upward trend over the last two decades, experts have warned. There are concerns that Chancellor Rachel Reeves could come after more IHT, often dubbed “Britain’s most hated tax”, at next month’s budget.

Nicholas Hyett, investment manager at Wealth Club said: “The November budget is rapidly approaching, and is expected to raise billions more in tax revenues. The Chancellor shook the IHT piggy bank pretty hard last year, but that doesn’t mean she won’t come back looking for more.”

IHT receipts have been rising for around two decades.

The Office for Budget Responsibility (OBR) forecasts total IHT liabilities for 2024/25 will rise 11.6% on the previous year to £8.4 billion.

It estimated that receipts will potentially reach £14 billion by 2030.

Ian Dyall, head of estate planning at wealth management firm Evelyn Partners, said: “The Treasury is on course for another record-breaking year of revenues from IHT.

“With the nil-rate band frozen at £325,000 since 2009 and the residence nil-rate band static at £175,000, fiscal drag is quietly pulling thousands more families into the IHT net as asset values increase year-by-year.

“The agricultural property relief and business property relief crackdown next April and the inclusion of pensions in estates from the following April will compound the effect, meaning households who would never consider themselves ‘wealthy’ suddenly face significant tax exposure.”

Ms Reeves has already signalled that higher taxes on the wealthy will be “part of the story” in her statement on November 26, as she seeks to plug a £30 billion fiscal gap.