Research by Prudential shows less than 30% of people expect to be able to leave anything to their heirsTwo of the most enduring myths in personal finance are that (a) people work their guts out to pay for a home that jumps in value to hundreds of thousands of pounds and (b) that the nasty taxman will, when they die, snatch the money they wanted to leave to the kids.A report from Prudential this week explodes that second myth comprehensively. The Pru’s research suggests that fewer than three in 10 people will leave any sort of inheritance, and those that do will average just £191,000. That is far below the current threshold for paying inheritance tax (IHT), which is £325,000 for a single person and twice that for a married couple, so not a penny from their estates will be heading into HM Revenue & Customs’ (HMRC) coffers. Continue reading…
Source : theguardian.com
Read more…Why fear inheritance tax? Your cash will all be gone
