Inheritance tax receipts reached £2bn between April and June
A £200m increase from last year
Inheritance
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Brits may pay income tax when inheriting untouched pension pots
As the government considers new rules to replace the pensions lifetime allowance
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Over 5,000 families reclaimed overpaid inheritance tax last year
With 1,000 families already reclaiming in 2023/24
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Just under half of HNW Brits not taken advice on IHT planning
As majority of UK adults planning to pass on wealth in their lifetime have not considered how and when to do this
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Advice industry needs to promote family wealth discussions
As 19% of Brits over 60 say they have never spoken to their children about their finances
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62% of Brits worried high inflation will impact ability to pass on wealth
Funds may be used instead to pay for social care costs
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57% of HNW Brits not comfortable talking money with next gen
But an overwhelming majority plan to pass down their wealth to their children
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Millennials prioritise parents over inheritance
Preferring they have a comfortable retirement rather than gift money
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Should HNWs revisit financial plans amid rising costs and inflation?
Retirement, inheritance and gifting strategies may need to be adapted
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A quarter of baby boomers don’t trust young Brits with inheritance
But just 3% talked to a financial adviser about their succession plans
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Wealth managers and advisers miss out on intergenerational business
‘They should contact family members of clients who might value support after a major inheritance’
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International inheritance and succession network hits the market
It will help individuals, family offices and advisers manage the complexities of cross-border planning