Note: Estates are all those reported to HMRC as requiring a grant of representation or confirmation on death in 2020–21. Not all estates worth less than £1 million had to be reported to HMRC on death, meaning that these figures may be unrepresentative of the asset composition of those worth less than £1 million.
Source: HMRC statistics, table 12.3a.
Inheritance tax is levied on wealth bequeathed at death, or given away shortly before death, above a threshold. Around 5% of all deaths attracted inheritance tax in 2022–23.