IHT receipts tend to reflect any fluctuations in property prices, household savings and equities.

HMRC said falling property prices towards the end of 2010 and the start of 2011 would have contributed to the drop in the value of estates over that time as residential property makes up approximately half the total value of all estates.

The subsequent recovery in property prices, household savings and equities has contributed to the recovery in the overall tax take in the last tax year.

In addition, the freeze in the nil rate band has dragged more estates into paying IHT.

The IHT threshold has been frozen at £325,000 since April 2009.

Julie Hutchison, head of family wealth transfer at Standard Life, said: “The statistics about inheritance tax released today are a reminder that it’s important to plan ahead when it comes to IHT.

“The 8% increase in tax paid in 2012/13 compared to the previous year shows how this tax is generating more money for the Treasury to take rather than it going to people’s friends, family or charities. There are a variety of exemptions and reliefs available, and with early planning and advice, there are ways to minimise the impact of IHT on your estate.

“With the IHT nil rate band set to remain at £325,000 until at least 2018 these stats are a timely reminder that failing to regularly review planning can prove costly.”