HM Revenue & Customs’ receipts of inheritance tax (IHT) leaped to GBP4.7 billion in the 2015–2016 tax year, a 22 per cent increase on the previous year.

According to the report, properties, household savings and securities make up the bulk of most taxpaying estates, although there was also a significant increase in the number of deaths in the final months of 2014–2015.

Periodic IHT charges on relevant discretionary trusts rose to GBP187 million, although transfers to such trusts were fairly static at GBP14 million.

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