Despite many believing their estates will exceed the threshold, nearly a third of over-55s are yet to check how Inheritance Tax (IHT) could impact them.
Research conducted by Time Investments found, out of 1,019 individuals surveyed, 31 per cent of over-55s were unaware how IHT would impact them, despite 30 per cent believing their estates were worth more than the current tax-free allowances.
It was found that more than half of over-55s (52 per cent) do not know what their IHT liability could be, compared to 25 per cent who said they were aware. Another 23 per cent believed they will not have any IHT to pay.
Alarmingly, it was also found that about 28 per cent of over-55s did not have a will in place stating who would inherit their assets.
Speak to our team
You may have an estate worth more than the current IHT allowances and it is therefore crucial to find out what impact IHT could have for you.
With IHT allowances frozen until 2026, more people will fall under the net of these bills. Contact our team today to find out more on 01788 539000 or 0116 261 0061.
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