Falling property prices could mean some families can reclaim a windfall of thousands of pounds in inheritance tax, a Chartered Financial Planner has predicted.

Inheritance tax receipts rose 35% between April and August, up a third year on year, with Covid-19 deaths a potential factor in the increase.

Over £280m of inheritance tax may have been unnecessarily paid on life insurance policies in 2018/19 which could have been avoided if the policies had been written in trust, according to a leading Chartered Financial Planner.

More than 11.6m people have received an inheritance in the past 10 years with 47 the average age at which people receive a windfall, new research has revealed.