| IHT revenues are expected to hit £9.1bn in 2025/26, rising to over £14bn by 2030 | Higher-rate taxpayers could miss out on £97,000 in extra pension wealth by not claiming full tax relief through self-assessment | Scrapping non-dom tax status may risk public revenues rather than boost them |
IHT receipts continue to rise
HMRC figures1 show the 2024/25 tax year saw a record £8.2bn raised in IHT. The new tax year started in the same vein with the Treasury collecting £780m in IHT in April 2025, up £97m from April 2024, making it the second-highest monthly IHT total on record. According to the OBR’s Spring Statement forecast, IHT revenues are expected to hit £9.1bn in 2025/26, rising to over £14bn by 2030.
Don’t miss out on tax relief
Higher-rate taxpayers could miss out on up to £97,000 in extra pension wealth by not claiming full tax relief through self-assessment2. While 20% relief is automatic, higher-rate taxpayers can claim an extra 20% and additional-rate taxpayers up to 25%. Understandably, many people don’t realise there are extra steps required to claim full tax relief, but even if you don’t complete a tax return, HMRC can be contacted to claim the additional relief.
The cost of non-domicile tax reform
A report from the Centre for Economics and Business Research (Cebr)3 has warned that Chancellor Rachel Reeves’ plan to scrap tax exemptions for resident non-domiciled individuals could reduce public revenues by up to £12.2bn by July 2029. Cebr estimated that if a quarter of non-domiciled remittance basis taxpayers leave the UK due to the reforms, the net gain to the Treasury would be zero.
1HMRC, 2025, 2Interactive Investor, 2025, 3Cebr, 2025
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