Inheritance tax receipts totalled £531 million in February, resulting in a record £6.4 billion for the 2022/23 tax year so far.

With a month still to go until the end of the tax year, this figure has already surpassed the £6.1bn received for 2021/22.

The Office for Budget Responsibility (OBR) forecasts that the inheritance tax take for this year will rise to £7bn by the end of March 2023. Receipts will continue to increase in coming years, with £8.4bn expected for the 2027/28 tax year alone.

According to the OBR, the Treasury will receive around £45bn in total inheritance tax receipts between now and 2027/28 - £3bn higher than previous estimates of £42.1bn.

Total tax receipts between April 2022 and February 2023 hit £722.6bn, £66bn higher than the same period last year.

Income tax, capital gains tax and National Insurance contributions totalled £45.9bn in February compared to £68.9bn in January.

The Treasury received £20.8bn in income tax in February, down from £39.1bn the month before. This reflected a surge in income tax receipts received before the self-assessment deadline on 31 January.

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