£701m Inheritance Tax Paid in May 2025

Today's announcement that Inheritance Tax receipts are already £98m higher in 2025/26 than the same period last year confirms its status as a mainstream tax, not just for the wealthy, according to Irwin Mitchell Private Client Advisory.

According to HMRC, Inheritance Tax receipts for May 2025 were £701m taking the total for year so far to £1,481bn.

Expert Opinion

“These latest statistics show Inheritance Tax doesn’t just impact the very wealthy, it has become a mainstream tax burden affecting tens of thousands of families each year.

“Our own analysis shows that as result of frozen thresholds, rising asset values, and policy changes - not increased personal wealth - nearly 40,000 estates could be liable for IHT by the end of 2026/27.

“For many families, the value of the family home alone is enough to trigger a significant tax bill. That’s why early estate planning is no longer a choice — it’s a necessity.”
Andrea Jones, Partner and National Head of Irwin Mitchell's Private Client Advisory team

Irwin Mitchell recently published its own IHT report which predicted that by the end of 2026//27, 37,0000 estates in the UK will be liable for inheritance tax and the total annual bill will be £9billion.