The number of taxpayers’ estates with Inheritance Tax on death rose to an estimated 41,000 in 2022/23 - up 24% increase on the previous year (33,000).

The government's inheritance tax (IHT) haul for the 2022/2023 tax year reached £7.1bn - £1bn higher than the record seen in the previous year.

Simon Hodges, director of policy at STEP (the Society of Trust and Estate Practitioners), questions whether the current rules surrounding Inheritance Tax (IHT) are fit for purpose.

The inheritance tax take for 2022-23 to the end of February stands at £6.4bn, exceeding the £6.1bn the Treasury received during the whole of the 2021-22 financial year.