Feb 19 2007
Young Britons could be set to pay large inheritance tax (IHT) bills if they receive an inheritance after they reach 18 years of age, it has been claimed.
Recently published research from Saga Will Writing reveals that two-thirds of adults believe young people should wait until they are 21 or older to receive an inheritance.
However, 83 per cent of those surveyed were not aware that under revised legislation, those not receiving a trust at 18 years of age could be liable for inheritance tax.
Furthermore, the company noted that 42 per cent of British adults do not have a will
to assist them in distributing their inheritance as they see fit, with others not updating their will in the past five years.
Andrew Goodsell, chief executive of Saga, said: "A will is a living document and should be updated on a regular basis."
He added that anyone whose circumstances had changed in recent years should ensure their will is checked and up-to-date.
Last month, Scottish Widows reported that Britons were planning on giving away £103 billion in total to family and friends to avoid leaving a large IHT bill on their death.
