According to a new study, approximately 32 per cent of UK citizens expect to be the beneficiaries of an inheritance. The report also found that members of wealthier families were far more likely to inherit.
Statistics showed that higher income and richer families in the UK were twice as likely to be awarded an inheritance than the population’s poorest fifth. This latter group are only 25 per cent likely to benefit, compared to the 50 per cent likelihood of wealthier families inheriting.
Experts anticipate that in the next two decades, wealth passed on to the next generations will double, but despite this, only 32 per cent of Britons either expect to benefit or have already benefited from a gift or inheritance within their lifetime.
UK savers and retirees with concerns regarding inheritance tax (IHT) often seek out independent financial advice in Chester, London and other cities from wealth managers. Experts in IHT, they can offer entirely legal financial strategies that mitigate and reduce tax bills.
Around 33 per cent of gifts given in the UK are to assist with the purchase of a property. The recent study warned that wealth transfers are not an easy answer to the challenges faced by young Britons attempting to get on the property ladder. Only one in twelve of the UK’s non-homeowners in the 25 to 34 age bracket currently have enough savings to afford the 10 per cent deposit for an average home suited to first-time buyers in their area.