Private pension savers withdrew £3.57bn in the second quarter of this year, a 23% increase year-on-year.

Financial advisers with clients who have been pursued by HMRC over inheritance tax liabilities in relation to Employee Benefit Trust (EBT) scheme have been invited to join a group action tribunal appeal against the taxman.

Inheritance tax (IHT) receipts for April to August rose 12% year on year to £2.9bn, according to new data this morning from HMRC.

IHT receipts in the latest quarter (April to July) jumped to £2.4bn, up £300m year on year, as the rapid upward trend in IHT continued.