Inheritance tax receipts for April 2021 to January 2022 rose £0.7bn year on year to £5bn, an increase of over 16%.

Inheritance tax receipts for April 2021 to December 2021 were £4.6bn, £0.6bn higher than in the same period a year earlier.

In 2020/21 61.3% of pension pots over £50,000 cashed in were withdrawn without financial advice, a rise from the 58.9% seen the previous year.

HMRC has waived late filing and late payment penalties for Self-Assessment taxpayers for one month.