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Sep 6, 2006
According to the
latest study from Alliance & Leicester Savings & Investments, almost
two thirds (61%) of Britons with estates valued over the new inheritance tax
(IHT) threshold admit they have never sought professional advice on how to
minimize their IHT liability. As a result, about 5 million people may be
leaving their estates potentially liable to a hefty tax bill, forecasts
A&L.
In the last five years, A&L pointed that sharply rising property prices
have almost tripled the number of homes that are worth more than the tax-free
threshold, after which IHT is paid at 40 percent. However, despite the vast
majority of people currently liable for IHT (90%) wanting to pass on their
assets to loved ones, and over two thirds (69%) wanting to know how to minimize
IHT3, the research shows that only four in ten (39%) have ever actually sought
IHT advice from a qualified financial adviser.
The study also found that the situation is even worse for those with assets
only just over the existing threshold. While 92% want to leave an inheritance,
A&L found that just over a fifth (22%) have sought financial advice from a
qualified source as a means to mitigate their IHT liability.
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