Figures released by HMRC show that the Treasury raked in £5.3bn in inheritance tax receipts in the months from April to December 2022 – largely thanks to years of house price increases, according to Wealth Club analysis.

The investment consultancy said the effect was especially noticeable in London and the South East, pushing families that wouldn’t normally consider themselves wealthy over the threshold.

The revenue generated from inheritance tax plays an important part in the government’s spending programme. While the average bill was £216,000 in 2019-20, research conducted by Wealth Club shows the average inheritance tax bills could reach £304,567 by 2025-26 and £345,084 by 2027-28.

In the Autumn Statement last November, it was announced that the inheritance tax threshold of £325,000 will be frozen until April 2028.

Alex Davies, CEO and founder of Wealth Club, commented: “Contrary to popular belief, inheritance tax doesn’t just affect the super-rich – many who would not consider themselves wealthy at all will also bear a considerable burden.

“Rampant inflation and years of frozen allowances and soaring house prices mean many more families will find themselves hit with a hefty inheritance tax bill which they might not have envisaged or planned for.

“No one likes to pay more tax than they need to and Inheritance tax is probably the most hated of all taxes. But with a little planning, there are a number of perfectly legitimate ways to reduce your liability.”