Wealthy 'looking to give their cash away'

Wealthy people living in the UK are increasingly looking to give their money away before they die, according to one expert.

Ian Wilson from financial advisory Forum Wealth has suggested that the practice of giving away money is becoming more common for people who are concerned that their assets will be swallowed up through inheritance tax.

For anyone keen to ensure that their wealth is passed on to their children, it is well worth allocating certain assets in old age rather than leaving the process until a will is being enforced, said Mr Wilson.

The Forum Wealth director also indicated that this practice is more well-known among families who have been well-off for a number of generations.

Inheritance tax is levied against anyone with an estate worth in excess of £312,000 and at a rate of 40 per cent in the UK.