Inheritance tax (IHT) receipts for April 2021 to Februrary 2022 were £5.5bn, some £0.7bn higher than in the same period 12 months earlier, latest figures from HM Revenue & Customs (HRMC) revealed.

The government department said it expected higher receipts from March to August 2021 due to a “higher volumes of wealth transfers that took place during the Covid-19 pandemic”, however it said it would not be able to verify that assumption until full administrative data becomes available.

The average amount paid per estate was £209,000, according to Quilter’s calculations.

Andrew Tully, technical director at Canada Life, said: “This will be welcome news for chancellor Sunak today on the eve of the Spring Statement as the tax intake continues to grow across the board. IHT continues to prove its worth to HMRC making it unlikely that the prolonged freezing of the thresholds will be defrosted in the near future.”

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