HM Revenue and Customs (HMRC) has collected more than £6bn ($8bn, €7bn) in inheritance tax (IHT) in the past 12 months.

This is the first time IHT bills have gone over the £6bn mark, research by accountancy group UHY Hacker Young found.

The sum increased from £5.04bn to $6.01bn (up 19%) in the last year.

The firm said that the impact of covid and record-high property prices meant that a larger than usual number of estates became liable for IHT.

Additionally, the government’s freezing of the tax-free allowance until at least 2026, contributed to widening the pool of estates owing IHT.

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