Two out of five married couples are keeping their families in the dark when it comes to their plans for passing on wealth, new research suggests.
Inheritance tax planning is a major driver for 58 to 75 year olds seeking regulated financial advice.
Inheritance tax receipts for April 2021 to February 2022 hit a new record high of £5.5bn.
Families could be paying an avoidable tax bill of more than £80,000 because parents are too embarrassed to talk to their children about their financial future, according to new research.
Over the last few weeks there’s been a fair amount of noise regarding IHT reforms. First we had The Office of Tax Simplification (OTS)’s call for evidence, and more recently the Intergenerational Commission (IC)’s “Passing on” report on options for reforming IHT.
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