“We should not be surprised to see the uptick in inheritance tax receipts,” Michelle Holgate, wealth manager at , added. “The beneficiaries of those older than 75 are at risk of a super-sized tax burden from next April as they could also pay income tax at their marginal rate when they withdraw funds from the pension, after it’s already been depleted by IHT. That could mean they end up with not much more than a third of the value of the pension left by the saver.”

"Moreover, an ageing population will drive a rise in IHT liabilities in the coming years, as the wealthy Boomer generation enters late life, with the Office for Budget Responsibility (OBR) recently forecasting that receipts will rise to 1.4 per cent of GDP by 2030/2031,” Dyall continued.

“For many families, the question is increasingly how they should use their wealth throughout retirement. That could mean reconsidering which assets to draw from first, how much to gift during their lifetime, or simply feeling more comfortable spending their pension,” Lee Quinn, chartered financial planner at who shares his thoughts on emerging trends about philanthropic gifting.