Figures recently released by Ireland's Revenue Commission have revealed that EUR170 million was paid by Irish residents in inheritance tax in 2004, a significant increase on the EUR128 million paid in IHT the previous year.
With IHT levied at a rate of 20%, this means that EUR850 million was assessed for the tax in 2004.
According to the Revenue figures, the number of assets covered by inheritance tax has also increased.
The tax authority additionally announced that the amounts willed by deceased taxpayers to relatives have significantly increased in recent years, in order to take advantage of the tax benefits afforded to asset transfers between spouses, or to children.
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