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.

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

Inheritance tax receipts for April 2022 to January 2023 were £5.9bn, according to the latest HMRC figures published today.

Business relief is now being used by the majority of wealth managers and financial advisers as an inheritance tax (IHT) planning tool for clients, according to new research.