One in ten people expects to have nothing left to leave to loved ones when they die because of rising living costs, according to new research.

Inheritance tax (IHT) receipts for April to August rose 12% year on year to £2.9bn, according to new data this morning from HMRC.

Inheritance tax receipts for April 2021 to March 2022 were £6.1bn, a rise of £0.7bn year-on-year, according to the latest figures from HMRC.

Only 13% of British parents have consulted a financial adviser about the best way to pass on their wealth.