Inheritance tax rose £701m in June, according to HMRC, taking the total for the second quarter this year to £2.1bn.

The total for the April to June period is £83m higher than the same period last year, continuing the upward trajectory.

For the last full tax year, £7.49bn was raised in IHT tax.

Just Group communications director Stephen Lowe says the figures demonstrate the combined effect of the housing market holding its ground and frozen thresholds means inheritance tax receipts look set to continue upwards.

“Every quarter we continue to see inheritance tax raising ever more money for the government and the trend looks set to continue,” says Lowe. 

“Frozen thresholds and property prices are expected to keep tipping more estates over the threshold, generating growing revenues for the Treasury.” 

Hargreaves Lansdown head of retirement analysis Helen Morrissey says: “The tax take continue to soar.”

“If assets such as our home and savings are worth more than the IHT nil rate band (currently £325,000) and the residence nil rate band (£175,000) then our families could get hit with a bill,” she adds.

“However, with inheritance tax not levied on Sipps and pensions in most cases it can be a tax efficient way to pass money on.”