One in 25 people set to inherit more than a million

Adam Saville
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One in 25 people set to inherit more than a million

One in 50 expect to receive over £5m, research by Canada Life reveals

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...

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