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Bumper IHT receipts set to be new record high

Newsletter issue – April 2024

We‘ve seen plenty of speculation before the last two Budgets that Inheritance Tax would see major reforms. Yet nothing materialised. And the latest figures released by the Treasury show perhaps why there might be some reluctance to change the rules, with the amount of tax received hitting a record high.

The latest stats have shown that the Treasury looks set to collect £7.54bn in the 2023/24 tax year. That‘s higher than the previous record of £7.1bn, which was recorded in the 2022/23 tax year.

The Treasury has brought in £6.8bn in IHT receipts from April 2023 to February 2024 - £400m more than the same period last year.

The latest batch of statistics released by the Government showed a number of other forms of taxation also reeled in higher intake than previously.

VAT collected was significantly higher in the first 11 months of the 23/24 tax year. The figure reached £160bn - £9bn more than the previous year.

Officials reported that Income Tax, CGT, NICs receipts for April 2023 to February 2024 were £430.3 billion. That was £23.2 billion higher than the same period last year.

PAYE Income Tax and NIC1 receipts for April 2023 to February 2024 were £369.1 billion, which is £23.4 billion higher than the same period last year.

However, there was a slightly lower figure for the amount of Income Tax Self-Assessment. The figures for receipts for April 2023 to February 2024 showed that number reached £42.1 billion, a fall of £0.1 billion compared to the same period in the previous year.

What our clients say about us...

  • "Paul has provided accountancy services to my company for 2 years now. I can recommend Paul very highly; his skills as an accountant are highly detailed and professional and he is always available to provide advice. One aspect of the way Paul works that I greatly appreciate is a preference to meet face to face when there is a detailed conversation to be had. I personally find this more productive and is a benefit of working with a small accountancy firm that you wouldn't get with the large faceless providers."

    ALISTAIR FAIRWEATHER - PROGRAMME & PROJECT MANAGER, DELIVERING/RESCUING I.T. 7 BUSINESS CHANGE WITH BUDGETS UPTO £50M INC SUPPIER MANAGEMENT

  • "I couldn't ask for more from Paul as an Accountant. Paul has been accountant to Work Relief Charity Recruitment for just over a year now and is proving an invaluable asset. Accurate, knowledgeable, flexible with an emphasis on service delivery, I would recommend Paul's services to any organisation looking for an accounts professional."

    Neil Price - Managing Director at Work Relief Charity Recruitment

  • "Paul was a referral from a family member when I started my business 2 years ago. As this was the first time I had ever run my own company I was totally clueless over the financial side of matters and was worried that I may have made mistakes in any of my accounting. I needn't have worried as after enaging Paul for a set monthly fee he was always there on the end of the phone for all sorts of questions I had and no matter how trivial they were Paul gave me all the information I required and more and did an excellent and painless job at the end of my first year! Couldn't ask for any better to be honest. Just two words - hire him!!!"

    Lee Westrap MBCS - Director - Bulldog IT Services

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Booth & Co  |   The Hermitage  |   15a Shenfield Road  |   Brentwood  |   Essex  |   CM15 8AG        Telephone: 01277 224666    |   Email: info@boothandco.co.uk