The treasury collected slightly less in inheritance tax insurance (IHT) receipts in July, according to HM Revenue and Customs.
Inheritance tax income fell to £868m during the month, slightly down from £871m in June.
Though this latest figure was up from £844m a year ago and comes after a fifth consecutive record year for IHT receipts, which reached £8.5bn in 2025/26.
Simon Martin, head of UK technical services at Utmost, said: “Albeit down on last month, inheritance tax revenues remain well above historical levels, reflecting the continued impact of frozen thresholds alongside rising asset values, which are bringing more families within scope of the tax.
“The scope of inheritance tax continues to widen, with the threshold freeze extended until 2031, reforms to business property relief taking effect in April this year, and unused pension pots due to come within the scope of IHT from April 2027.
“While these changes may increase tax revenues in the short-term, it raises wider questions about the UK’s attractiveness to entrepreneurs and wealth creators who are more internationally mobile than ever, particularly when other jurisdictions offer significantly more competitive tax regimes,” he added.