Households paying inheritance tax are set to surpass the previous record within a couple of years, Rathbones, one of the UK’s leading wealth management firms, said today as HMRC published its latest official statistics covering the 2022/23 tax year.

Workers aged 51–53 could be the first affected if the state pension age rise to 68 is brought forward by a year, potentially reducing their pension payments by up to £17,774, according to new calculations by Rathbones, one of the UK’s leading wealth managers.