New poll uncovers UK awareness of IHT

New research has uncovered the current understanding of UK savers regarding inheritance tax (IHT), with it finding that almost half of those surveyed had no concept of the current rules regarding IHT.

The recent COVID-19 pandemic has led many UK savers to accelerate their plans to pass on funds to their grandchildren or children. However, experts are warning consumers to be mindful that they do not end up giving more than necessary to the taxman instead of their dependants.

The survey found that over a quarter of British adults now plan to increase the financial support they are giving to family members, with a fifth commenting that they had already begun gifting wealth to grandchildren and children. Almost four out of every 10 respondents added that they wished to help their relations now when they needed it, rather than leaving it to them later in a will.

Cash was the most common form of support, favoured by 40 percent, while 20 percent intended to assist by paying property deposits. A total of 19 percent planned to help with university fees and wedding costs. However, gifting money often comes with unexpected tax bills people are not aware of. The poll discovered that close to 50 percent of respondents knew nothing of IHT rules and their impact.

Savers concerned about IHT and other aspects of retirement planning in Shropshire, Hampshire and other UK areas often consult wealth managers for advice. Experts in retirement strategies, wealth managers help their clients with estate planning and ways to mitigate how much tax must be paid by those they leave behind.

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