The number of taxpayers’ estates with Inheritance Tax on death rose to an estimated 41,000 in 2022/23 - up 24% increase on the previous year (33,000).

The government's inheritance tax (IHT) haul for the 2022/2023 tax year reached £7.1bn - £1bn higher than the record seen in the previous year.

Platform and investment provider AJ Bell has warned that an estimated 1.8m more people will pay dividend tax by 2024/25.

Quilter has warned that more than 1.1m taxpayers could be dragged into higher rate tax bands by 2027.