Inheritance tax receipts for April 2021 to February 2022 hit a new record high of £5.5bn.

An Isle of Man-based wealth management and tax advice firm, AML Tax (UK) Limited, has been fined £150,000 for failing to provide HMRC with legally required information.

There are now 2,001 ISA millionaires in the UK with average pots of £1.4m.

HMRC has waived late filing and late payment penalties for Self-Assessment taxpayers for one month.