Inheritance tax receipts rise: Families urged to act – more face being hit by ‘hefty’ bill

Britons can also give away £2,500 to a grandchild or great-grandchild who is tying the knot, or £1,000 to anyone else who is getting married.

Lifetime gifts can be possibly exempt from an estate for IHT purposes, but only if the person lives seven years or longer after making it.

Experts at Wealth Club encouraged people to make a will to make sure their loved ones pay the correct amount of on their assets.

IHT receipts hit £2.4billion in the three months to July 2022, a sharp increase of £300million compared to the same period last year.