HMRC collected inheritance tax (IHT) receipts of £3.1bn in the first four months of 2025/26, an increase of £229m (8%) compared to the same period in 2024/25 (£2.8bn).

Capital gains tax receipts for January to June 2025 were £11.77bn, a 12.9% drop year-on-year, according to the latest data from HMRC.

Quilter Financial Planning expert Rachael Griffin has warned that a rumoured near doubling of the Capital Gains Tax to 39% in the Budget could alter investor behaviour.