New HMRC figures have revealed UK citizens paid £5.4 billion in Inheritance Tax in 2018/19, a 3% increase on the previous tax year.

Royal London has backed a call by the Office of Tax Simplification which could lead to life insurance policies being automatically exempted from Inheritance Tax to save families money.

The average inheritance tax bill reached almost £200,000 in the last tax year - up £60,000 in five years, according to analysis of HMRC receipts by financial advice firm and insurer NFU Mutual.

Our story this week about the Treasury’s record IHT tax grab in the past year is a worrying portent of things to come, I fear.