Almost 60% of over-55s want to gift more than annual gifting allowance

Of 17.2m over-55s in the UK, almost 60% want to gift more than the £3000 tax-free allowance to their loved ones after they pass away, a survey of 500 over-55s by Old Mutual Wealth has suggested. While 71% want to pass on their wealth during their lifetime or both during their lifetime and after, the research found. With the Office of Tax Simplification's review IHT review coming up, Old Mutual Wealth is urging the government to fix the tax system. The annual IHT gifting allowance has remained unchanged since 1981 and had the allowance been tracked to inflation, it would be permissi...