The number of higher rate taxpayers has soared by nearly 2m to 6.14m since the last election and could soar by a further 3m by 2025, according to a former Pensions Minister.

Inheritance tax (IHT) receipts received by HM Revenue and Customs (HMRC) rose by £100m year-on-year to £1.1bn for the period from April to May 2022.

Integrafin Holdings, the parent company of adviser platform Transact, is to challenge HMRC’s decision to exclude one of its companies from the UK VAT group.

Revenue increased 6% year-on-year to £39m for the Chartered Insurance Institute (CII) as it returned to operating profit in 2021 but the professional body faces a potential tax bill of up to £2.5m.