The inheritance tax take for 2022-23 to the end of February stands at £6.4bn, exceeding the £6.1bn the Treasury received during the whole of the 2021-22 financial year.

Quilter will cut the cost of its Cirilium and Cirilium Blend portfolios at the end of March, with reductions taking effect from 31 March.

Assets under management and administration (AUMA) at wealth manager Quilter fell 11% during 2022 to £99.6bn, from £111.8bn in 2021.

Only an average of 123,000 people per year have made Class 3 National Insurance Contributions (NICs) which allow them to fill historic gaps in their NI records and receive a higher state pension over the last five years.