According to recent research from Direct Life Line Insurance, 60 per cent of divorced Brits, who are now in a new relationship, have failed to update any of their personal finances since their previous marriage. This includes the beneficiaries of their pension, death in service benefits, health and life insurance, money in trust, or their will.
The Scottish Government launched a public consultation on the 17th February 2019, asking how the law covering succession could better reflect 21st century Scotland.
Following a Freedom of Information (FOI) request by Direct Line Insurance, Guildford in Surrey was dubbed the Inheritance Tax capital of the UK after it was revealed that as many as 658 families from the town southwest of London were subject to the tax between 2015 and 2016. On average, each family are said to have paid £231,000 per estate (a total of just under £152 million), more than anywhere else in the country.
A new report into intergenerational wealth transfer has found that over 11 million people aged between 25-45 in the UK expect to receive some sort of inheritance from their parents or grandparents, with nearly half (5.1 million) of these expecting to inherit at least £50,000 in fixed assets or money.
The Office of Tax Simplification (OTS) has published a call for evidence and an on-line survey to gather information about people’s experience and perceptions of Inheritance Tax.