Better education on IHT planning needed, Canada Life urges

Wealthy Brits failing to plan ahead

Hannah Godfrey
clock • 2 min read

Canada Life has urged advisers to educate clients about the merits of inheritance tax (IHT) planning after it found a mere quarter of 'wealthy' Brits have sought professional help with their estate.

According to the provider, 27% of those with assets exceeding the inheritance tax threshold- currently set at £325,000 - have seen a professional adviser about their IHT planning. More than a quarter surveyed (28%) would rely on the internet or their own research instead, they told the insurer, while 8% would not seek IHT advice at all. At the same time, Canada Life said, about 27% of wealthy people did not have a will, while almost half (46%) said they would never take out life insurance as part of estate planning, and two-fifths (40%) said they had no intention of using a trust. ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Tax planning

Don't panic! Call for calm after Budget pensions IHT change

Don't panic! Call for calm after Budget pensions IHT change

Lisa Webster calls for a calm response to the IHT changes announced in the Budget earlier this month...

Lisa Webster
clock 14 November 2024 • 3 min read
Effectiveness of Labour's immediate CGT hike under question

Effectiveness of Labour's immediate CGT hike under question

CGT rates were raised in last Wednesday’s Budget

Jen Frost
clock 06 November 2024 • 2 min read
Labour's tax clampdown sparks fraud investigations 'spike' warning

Labour's tax clampdown sparks fraud investigations 'spike' warning

High-income individuals could look to ‘illegal tactics’, crime specialist says

Jen Frost
clock 31 October 2024 • 2 min read