Inheritance tax (IHT) liabilities reached a record £7.03bn in 2023/24 despite a fall in the number of estates paying the charge, new HMRC figures show. The number of estates facing an inheritance tax charge fell by 3.6% over the year, from 31,500 to 30,400. The main inheritance tax nil-rate band has remained unchanged at £325,000 since 2009. The Office for Budget Responsibility expects inheritance tax receipts to reach £13.7bn in 2029/30 and £14.7bn the following year. She added: “The inclusion of most unused pension funds within estates for inheritance tax purposes from April 2027 will add another layer of complexity.