With Inheritance becoming such a key source of an individual's lifetime wealth, a family orientated approach to tax planning will become ever more important.
There may be unintended consequences if a holistic approach to planning is not adopted and so it may be worth considering whether a family-wide discussion with your Solicitor is sensible.
As many as one in 10 of UK adults born in the 1980s will inherit more than half as much money from their parents as the average person earns in a lifetime, according to a new report by one of the nation’s leading economics thinktanks. The Institute for Fiscal Studies said wealth passed down from one generation to the next was fast-becoming the most important determinant of how well-off people will become. The IFS report found that on average, the inheritances of adults born in the 1980s will be worth as much as 14% of their overall lifetime earnings from work, compared to 8% for people born in the 1960s.