HMRC collected a record £6.1bn in inheritance tax in 2021-22 – a jump of 14% on the £5.4bn collected in the previous year.

It is the largest single-year rise since the 2015-16 financial year, when receipts rose by 22% (£848m). It means the average inheritance tax (IHT) bill has increased by £7,000 per estate to £216,000.

The total number of UK deaths that resulted in an IHT charge has also increased. HMRC data shows there were 23,000 such deaths in the tax year 2019 to 2020. That’s an increase of 4% on the previous year.

It’s a complicated subject, so let’s unpick the main issues around the so-called ‘death tax’ – including who is most likely to pay it, and ways you can reduce the bill.

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