Inheritance Tax Receipts increased £300m year-on-year to £3.2bn in the five months from April to August, according to the latest data released today by HMRC.

Insurance could be used as a loop-hole to help avoid large IHT bills, according to Plymouth-based IFA firm Continuum.

In the 2020/21 tax year the number of estates paying inheritance tax rose 17% year-on-year with pandemic deaths a factor in the growth, according to data released today by HMRC.

Inheritance tax receipts hit £1.2bn in April and May, a £100m rise year-on-year, according to figures released by HMRC this morning.