New figures published today by HMRC have revealed that inheritance tax receipts for 2023/24 climbed £400m to a new record £7.5bn.

Inheritance tax remains the top financial concern among wealthy Britons, followed by gifting without losing control and maintaining lifestyles, according to research from RBC Wealth Management.

The latest HMRC inheritance tax receipts published today have revealed that £5.7bn was collected in the first three quarters of the 2023/24 financial year.

The amount of inheritance tax paid on gifts has climbed more than 153% since 2011 to £256m in the 2020-21 tax year, according to an HM Revenue & Customs response to an Freedom of Information (FOI) request.