12 January 2018
Inheritances set to peak in 2035
A recent report by the Resolution Foundation has predicted the size of inheritances will more than double over the next two decades and will peak in 2035.
Despite this, the trend is not expected to improve millennials’ chances of home ownership, according to the think-tank, as the average age that someone will inherit will be 61.
The Treasury is likely to benefit from a rise in Inheritance Tax (IHT) receipts as the wealth is passed on. The Office for Budget Responsibility (OBR) predicts revenue from IHT will raise £5.3bn in the 2017-18 tax year and increase to £6.5bn by 2022-23.
There are ways you can make your IHT planning more tax efficient, so that your dependants can benefit before they reach retirement age! Read more on our tax planning blog.
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