Inheritance Tax receipts for 2013-14 rose to around £3.4billion, HMRC has reported this morning.

This represented an increase from 2012-13 of 8.6%, a higher rise than the 7.9% observed from 2011-12 to 2012-13.

The figures come a week after a study suggested as much as £530 million is set to be 'wasted' in inheritance tax this year by individuals not placing life protection policies under trust.
This figure has risen by £58 million compared to last year, according to unbiased.co.uk.
HMRC said properties, household savings and securities made up the bulk of most taxpaying estates and therfore receipts have tended to reflect any trends or fluctuations in these economic indicators.

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The level of receipts will also have been affected by the freeze in the inheritance tax threshold, which has been held at £325,000 since April 2009, it added.
Richard Watkins, a Certified Financial Planner at Close Brothers Asset Management, said: "It appears the only way is up for inheritance tax receipts as they continue to rise year-in, year-out.
"While a relatively small number of people contribute large sums in inheritance tax, the number affected will continue to grow in leaps and bounds if the current trend continues, unless the government brings inheritance tax in line with increases elsewhere in the British economy.
"With inflation on the rise and the current housing boom boosting values even more, many will find their homes alone make them subject to the tax, especially with the current freeze on the threshold.
"Inheritance tax may only be a small amount of the government's tax take but to the increasing number of people it affects, it has a significant impact."
Research by Close Brothers showed that less than half of those liable to the tax know the correct threshold, meaning many may not even realise their estates could be affected, he said.
He said: "It's important that those looking to pass on their wealth do not let this fall under the radar. People should make sure they put aside enough time to plan appropriately for the future."
The latest figures released today also showed the 264,957 estates which issued a grant of representation in 2011-12 accounted for approximately 48% of all deaths in that year.
Of these estates, 15,976 were taxpaying estates. Approximately 2.9% of all deaths in 2011-12 led to an IHT charge.