Are pensioners downsizing their inheritance tax?

With the recent news of pensioners racing to downsize due to incoming inheritance tax rises as research that’s been conducted reveals that inheritance has become a financial lifeline for millions.

The new data shows:

• Nearly 1 in 10 (9%) would fall into or deepen debt without it, rising to 39% of 18–24s who rely on inheritance to clear credit card or loan debt.
• Over half of UK adults (54%) expect to receive an inheritance in the next 20 years, and a third (34%) are financially dependent on it.
• Inheritance tax (IHT) is set to hit one in ten families by 2030, as frozen thresholds and rising property prices pull more households into the net.

Ros spoke to interheritance tax expert & author George Williamson.

Photo by Colin Watts on Unsplash