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The tax expert also shared some insight to other reasons why IHT receipts are on the rise and gave advice on what people can do to mitigate their bill.

He added: “Typically, the value of a residential property is the main reason why estates are pushed over the IHT thresholds and the recent house price boom across the UK means many people could be approaching or surpassing the threshold without realising.

“However, there are options available such as lifetime mortgages that can help people pass on that wealth while still alive to see the positive effect it can have on loved ones.

“Professional, regulated advice can help people across the UK work out how their property may impact their estate planning and consider how the wealth tied up in bricks and mortar can help people meet their goals in later life, whether to use that wealth to boost consumption in retirement or to bequeath it in a tax-efficient manner.”