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Inheritance (IHT) tax takings reaching a staggering £3.7billion in the five months from April to September, HM Revenue and Customs (HMRC) has confirmed.

The tax-free threshold has been frozen at £325,000 since 2009 and will remain at this level until 2030.

The Office of Budget Responsibility (OBR) is forecasting annual receipts will rise to a an eye-watering £9.7billion in five years, largely due to plans of including pensions in people’s taxable estates from 2027.

Ian Dyall, head of estate planning at wealth management firm Evelyn Partners, has shared three ways to reduce your inheritance tax bill.

Make or check your Will

Working with a solicitor to plan or update your Will is vital to ensure all your assets are correctly accounted for.

Mr Dyall added: “For families with

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