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 retire...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
