Commenting on the numbers Evelyn Partners head of estate planning Ian Dyall said: “The Treasury is on course for another record-breaking year of revenues from inheritance tax (IHT). With the nil-rate band frozen at £325,000 since 2009 and the residence nil-rate band static at £175,000, fiscal drag is quietly pulling thousands more families into the IHT net as asset values increase year-by-year.”

Key Advice and Air chief executive Will Hale said today’s figures continued a familiar trend and highlighted once again the government’s commitment to a tax raid at point of death on wealth that people want and expect to be passing to the younger generations.

“Given the well documented pressure on UK public finances, it is likely that the November Budget will see further tax measures introduced that will require careful consideration by customers and their advisers if financial plans, in life and in death, are to be fulfilled.

“This is no longer a problem just for the rich and all families should be seeking advice to understand potential implications and the options available to mitigate the impact. £3.7trn of property wealth sits in the hands of the over 55s, so later life lending solutions need to be central to all financial planning considerations around funding older age and intergenerational wealth transfer.”

Dyall echoed these sentiments: “The APR/BPR crackdown next April and the inclusion of pensions in estates from the following April will compound the effect, meaning households who would never consider themselves “wealthy” suddenly face significant tax exposure. The Office for Budget Responsibility forecasts receipts will exceed £9bn by 2026, and potentially £14bn by 2030.”

He added: “Chancellor Rachel Reeves has signalled that higher taxes on the wealthy will be “part of the story” in her Autumn Statement on 26 November, as she seeks to plug a £30bn fiscal gap. If reports are correct that Ms Reeves is considering softening the APR/BPR crackdown for farms, she could well look elsewhere around IHT to prop up the tax take.”

Wealth Club investment manager Nicholas Hyett said: “The November budget is rapidly approaching and is expected to raise billions more in tax revenues. The Chancellor shook the IHT piggy bank pretty hard last year, but that doesn’t mean she won’t come back looking for more.

“The long-term freeze in IHT allowances is driving an inexorable rise in inheritance taxes, but it won’t deliver a quick tax windfall. Tinkering with things like IHT relief on AIM shares or putting further restrictions on business and agricultural relief probably doesn’t move the needle in the short term either.”