Financial advisers and industry experts have expressed concern about the ‘stealth tax’ threat from Inheritance Tax after receipts grew to £3.5bn for the latest six month period, up £400m year on year.

It was was a landmark government u-turn yesterday when new Chancellor Jeremy Hunt scrapped almost all of the mini-Budget published by his predecessor Kwasi Kwarteng.

Financial advisers with clients who have been pursued by HMRC over inheritance tax liabilities in relation to Employee Benefit Trust (EBT) scheme have been invited to join a group action tribunal appeal against the taxman.

IHT receipts in the latest quarter (April to July) jumped to £2.4bn, up £300m year on year, as the rapid upward trend in IHT continued.