IHT BILL RISES TO RECORD LEVEL
Figures released by HMRC show a record amount of Inheritance Tax (IHT) was collected in the last financial year. In total, UK citizens paid £5.4bn in death duties in 2018/19, an increase of 3% on the previous year. This rise continues a long-term trend, with IHT receipts having doubled in the last nine years, partly as a result of the £325,000 nil-rate threshold being frozen since April 2009.
UK TRAILS IN RETIREMENT STAKES
According to the Natixis Investment Managers’ Global Retirement Index, the UK lags behind many global counterparts in terms of retirement security2. The index uses data from a number of sources to collate a comparable score across countries and, in 2019, ranked the UK 17th out of 44 nations. The lowest score was recorded in assessment of finances in retirement, where the UK languished 34th in the rankings.
BLOOD NOT ALWAYS THICKER THAN WATER
A new survey3 suggests a significant proportion of the older generation are set to shun family in their Wills. The research, conducted by Responsible Life, found that over a quarter of retirees are planning to leave money to charities, friends or neighbours in preference to their children or grandchildren.
3Responsible Life, 2019