HMRC raised £2.9 billion from inheritance tax (IHT) receipts between April and the end of August, a £300 million increase from the same period last year.

Julia Rosenbloom, a tax partner at Evelyn Partners, said: “This latest reported year-on-year rise for IHT receipts will be welcomed by the Treasury given it is under pressure to pay for Liz Truss’s pledges to reverse the recent national insurance increase and the scheduled corporation taxes increases.”

Wealth Club suggested the average bill c...