Labour is yet to reveal its plans for the controversial “death tax”, but with PM Keir Starmer pledging not to raise taxes on “working people”, inherited wealth tax is a target.

This time last year, all the talk was that the Conservatives would cut or even abolish IHT, said Ian Dyall, head of estate planning at wealth manager Evelyn Partners. “The tables have turned on death duties. Now it’s in the Treasury’s crosshairs.”

IHT revenues are already rising. HMRC took a record £7.5billion in…