The levy is charged at 40 per cent on someone’s estate which is worth more than £325,000, including their money, possessions and property, once they pass away.
Figures from HMRC show that IHT receipts for April 2023 to March 2024 hit £7.5billion which represents a £400,000 annual rise.
Wealthier Britons are calling for an overhaul to inheritance tax, based on a new poll from wealth managers Saltus.
According to the fifth edition of the Saltus Wealth Index, Britons believe the levy is “unfair” in its current form.
This comes after the decision by Chancellor Jeremy Hunt to freeze the IHT rate until at least April 2026.
As such, many households are concerned about being pulled across the tax threshold due to the impact of fiscal drag.
The twice yearly survey of 2,000 Brits with investable assets of over £250,000 found that just four per cent of respondents think the current rate of IHT is fair.
Some 90 per cent believe it should be halved to 20 per cent, while six per cent of those polled think the tax should be scrapped altogether.