A farming union has written to the prime minister urging him to make changes to inheritance tax proposals, which he said are leaving older farmers "tormented with continual worry".

This is known as inheritance. You’ve probably noticed that you might look like your parents. This is because you inherit key characteristics from them, like your eye colour, skin colour and height.

Income to the government from inheritance tax (IHT) for April to June 2025 was £2.22 billion, the latest HMRC figures show. This is an additional £134 million compared to the same period in 2024.

In most cases, life insurance death benefits are not taxed. But you may owe taxes if the estate is very large or you sell your own policy in a settlement.

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HMRC rakes in £2.2bn in inheritance tax in Q1 2025, as frozen allowances and rising house prices drag more families into the tax net. Experts warn of stealth taxation and call for reforms.