One in 25 people set to inherit more than a million

Without an inheritance strategy, tax on a £1m estate amounts to £230,000, however only one in 20 know about the residence nil rate band tapering for estates over £2m, according to Canada Life's annual IHT monitor. Of the consumers questioned (aged 45 and over), 24% expect an inheritance of £250,000, while 15% are looking to receive £500,000. The figures reflect rising UK wealth in recent decades, however without financial planning individuals can expect to be hit with 40% IHT for assets above the nil rate band threshold. However a professional adviser can help plan a wealthy indivi...