The number of investors claiming tax relief on a Venture Capital Trust (VCT) investment in 2021/22 rose by 32% (year-on-year) to 25,800, a new report says.

Britain’s top 100,000 taxpayers saw their average income and capital gains tax bills surge by 18% in one year, according to a Freedom of Information request.

The UK economy surprised economists by growing by 0.2% in the second quarter of the year and showed a much better than expected performance in June.

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.