Note: Includes estate duty and capital transfer tax, the predecessors of inheritance tax. Revenue is converted to 2023–24 prices using GDP deflators from November 2023.
Source: Estimates/forecasts for the share paying inheritance tax 2020–21 from OBR, Economic and fiscal outlook – March 2023, supplementary fiscal table (receipts and other) 2.13, and for 2021–22 onwards from OBR, Economic and fiscal outlook – November 2023, supplementary fiscal table (receipts and other) 2.13. Figures for 2012–13 to 2020–21 from HMRC Statistics table 12.1b. Figures for earlier years from Adam et al., Death and taxes and pensions, IFS Report R235, 2022. Figures for revenue generated from IFS revenue composition spreadsheet.
Inheritance tax is levied on wealth bequeathed at death, or given away shortly before death, above a threshold. Around 5% of all deaths attracted inheritance tax in 2022–23.