According to the financial services firm, the desire to hand wealth down through the generations is still a strong driver for Britons with 75% of people hoping to leave an inheritance to their children or family. One in 10 people estimate that this inheritance – including all assets such as savings, investments and value of their home – could be between GBP300,001 and GBP500,000, putting their estate firmly into inheritance tax (IHT) territory.
Almost a quarter (22%) estimate that it could be between GBP100,001 and GBP300,000, putting them at the upper end in danger of crossing the GBP285,000 threshold.
The research, which was conducted online by 72 Point, also shows that consumers are still largely in the dark about inheritance tax. Less than 39% of people are aware that the current inheritance tax threshold is GBP285,000, while 26% are aware that IHT is charged at 40%.
However, of those surveyed, 75% of people said they thought that IHT is unfair, with just 8% saying that the tax is fair.
