Nearly one in three (31%) over-55s have never checked how Inheritance Tax (IHT) could hit their life savings, according to a new study.

Inheritance tax receipts rose 33% year on year between April and June to £1.5bn, according to recent data published by HMRC.

HMRC collected £5.33bn from inheritance tax in the 2020/21 tax year, a rise from £5.12bn in 2019/20.

The Treasury has published over 30 tax updates, consultations and documents, today on what has been dubbed Tax-Day - including plans to tighten tax rules on second properties and simplify inheritance tax red tape.