Putting off estate planning could cost affluent UK families up to £12.3bn in preventable inheritance tax (IHT) once unused pensions enter the tax's scope in April 2027, according to data from Octopus Investments.
Research from the firm found affluent families who start planning at 50 could pass on £397,000 more on average than those who wait until age 70. It said people looking to maximise tax savings – which could total £12.3bn after the tax changes – would need to make use of multiple available strategies, including exemptions, reliefs and Business Relief investments as well as starting the process early. The firm's report – 50nomics: the evidence behind earlier estate planning – was based on independent economic modelling by the Centre for Economics and Business Research, alongside Opiniu...
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
