The average Inheritance Tax (IHT) bill has hit a record high of £216,000 in the past year, up from £209,000 the previous year, as fiscal drag pulls more estates under the scope of the tax, according to private wealth law firm Boodle Hatfield.

The UK government announced last year that the nil rate band for main residence relief will been frozen at £175,000 until 2025-6. 

In the past year alone, average UK property values have risen 10.7 percent whilst inflation has hit 9.4 ...