Britons are planning to give away a total of £103bn to friends and family to avoid a tax bill on their death, according to research from Scottish Widows.
A survey of 2,446 people reveals four in 10 (41%) now have an estate liable for a 40% tax bill on their death, up from a third (34%) last year. Of these, four in 10 (43%) have taken, or plan to take, steps to mitigate this bill, with 44% planning on giving away either a lifetime gift or an annual gift to friends and relatives. The average amount people are prepared to gift is £86,000 and almost half (47%) of respondents would like their gift to be used to help their relatives get on the property ladder. One in five (20%) want their beneficiaries to use the gift for their own retiremen...
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