According to new report published by financial services company Prudential, less than 30 per cent of Britons expect to be able to pass on an inheritance to their children.
Prudential’s survey highlights the UK’s ongoing fear of Inheritance Tax (IHT), and ties in with devastating figures regarding IHT takings recently reported by the Office for National Statistics (ONS).
Last month, the ONS reported that HM Revenue & Customs reeled in a record-breaking £4.6billion IHT revenue over the course of the 2015/16 tax year, comparable with £3.8bn recorded in 2014/15.
Additionally, the Office for Budget Responsibility (OBR) has confirmed that the number of estates which qualify for IHT charges in Britain has risen substantially in recent years.
At current, a staggering 40,000 estates across the UK qualify for IHT, according to the OBR – comparable with just 15,000 recorded just six years ago.
Figures from all three parties highlight the importance of consulting the relevant experts to seek sound specialist advice and effectively tackle your IHT concerns – to ensure that your estate will be preserved exactly as you want it to be.