'More Brits face inheritance tax'
An increasing number of UK consumers are seeing the value of their estates break the threshold that leaves them liable to making inheritance tax payments, according to the latest figures.
Rising property prices around the country means that more than 4.8 million people in the UK now own homes that are worth over £300,000, according to data from the Office of National Statistics, which means inheritance tax is certain to become an issue for them.
Meanwhile, almost the same number of Britons face inheritance tax when their other assets are taken into consideration, but there are ways to reduce liability if appropriate action is taken, according to Defaqto.
Kate Marsden, marketing director at the data collection company, commented: "As UK house prices continue to outstrip rises in the inheritance tax threshold, more and more households are falling into the inheritance tax net."
"Advance tax planning is essential if individuals bequeathing assets to their heirs want to reduce the potential inheritance tax bill their beneficiaries will face."
Research by the retirement services firm Tomorrow showed last month that millions of young people in the UK are relying on an inheritance windfall to secure their financial future.
