The data, published by HMRC today, confirms a rapid rise in the IHT 'take' in recent years.

Estimates at the Spring Budget suggested that over the next five years IHT will bring in £38bn.

That would mean annual receipts would be higher than £8bn by 2027-28 and 6.7% of deaths would trigger an IHT charge.

Stephen Lowe, group communications director at Just Group, said: “There seems to be no limit to the Treasury’s appetite for inheritance tax and given receipts for this financial year have already surpassed upgraded estimates, it looks set to be the goose that lays golden eggs for some time yet.”

Paul Barham, partner at Mazars, said: “Driven by increasing property wealth, higher numbers of wealth transfers and the government’s decision to freeze IHT rates until 2025/26, more and more estates have been swept into the IHT threshold.”

Laura Hayward, tax partner at Evelyn Partners, said: “The year-on-year rise in IHT receipts provides a reminder of how this lucrative form of revenue has become well-established as a gift that keeps on giving for the Treasury.”

Rachael Griffin, tax and financial planning expert at Quilter, said: “Historically IHT was viewed as a tax only for the very wealthy.

“However, with house prices remaining at such elevated levels while both the nil rate band and residence nil rate band are frozen until 2028, many families that might not consider themselves to be wealthy could find themselves facing an unexpected IHT bill.”

She said the ever-increasing tax revenue from IHT presents a conundrum for the government as we approach election season with rumours suggesting inheritance tax may be ripe for reform.

Alex Davies, CEO and founder of Wealth Club, said: “The revenue generated from inheritance tax plays an important part in the government’s spending programme and so it will be interesting to see if Rishi Sunak will opt to change this in a bid to win popularity in the upcoming polls.

“With a deficit of £125bn which is equivalent to £1,870 per head of the UK’s population, it could be an expensive tactic.”