This is a 12% increase on the same period in the previous year (£4.1bn through the first seven months).
The figures come a day before the Autumn Statement, with speculation that chancellor Jeremy Hunt would use the Budget to propose a cut to IHT.
Nucleus technical services director Andrew Tully said: “It looks set to be another record-breaking year for IHT receipts, unless the government moves to cut the headline rate as rumours suggest. And with the Office of Budget Responsibility predicting the IHT take will be £8.4bn in 2027/28, receipts are set to continue growing strongly despite slower house price growth.
“Engaging early with good planning and advice can help to reduce or mitigate IHT. There are a number of ways advisers can help manage an estate for IHT purposes including setting up trusts, making use of gift allowances, and using a pension to pass on wealth to family in a tax efficient way.”
Canada Life tax and estate planning specialist Julia Peake said: “The latest inheritance tax receipts indicates that we’re on a trajectory for another record-breaking year, delivering the Treasury £158m every week in revenue so far this tax year.
“The IHT rumour mill has been going into over-load over the last few weeks with speculation of cuts to the headline rate, changes to the nil rate band or as it looks more likely now perhaps an unfreezing of the some tax thresholds or changes around income tax and National Insurance Contributions.
“We may see changes to IHT pushed down the road to the Spring Budget next year, so if no changes are announced in the Autumn Statement, do not be lulled into a false sense of security that IHT will not apply to you.
“More people are getting caught by the IHT trap and if you think this might be you, you should speak to a qualified financial adviser, who can help you review your circumstances and make changes to your financial plan.”
Evelyn Partners tax partner Laura Hayward said: “All eyes are now on whether IHT will get a mention in the chancellor’s Autumn Statement tomorrow. While abolishing IHT completely would be a popular move with many, it seems more likely that the government will reserve this as an idea for a Conservative election manifesto pledge.
“If the latest reports are to be believed, cuts to IHT are likely to take a backseat to other possible tax changes in tomorrow’s Autumn Statement. However, with Jeremy Hunt noting that ‘everything is on the table in an Autumn Statement’ it is not impossible that we could still see changes of sorts to the IHT charging regime announced tomorrow.
“There has been some speculation that there could be a cut to the rate charged, which is currently levied at 40% on estates above the value of £325,000. Some have also suggested that the main nil-rate band (£325,000) could be combined with the residential nil-rate band allowance (currently £175,000) to give a total IHT-free allowance of £500,000.”
Read more: Chancellor urged to abolish IHT in upcoming Autumn Statement