Inheritance tax: Half of wealthy Brits could pay more because they don’t talk about wills | Personal Finance | Finance

A survey by Brown Shipley, a Quintet Private Bank, found 54 percent of respondents said they had not spoken to loved ones about plans to pass on wealth. 

More than two-fifths (42 percent) had not yet made a will, though 17 percent were planning to do so in 2023.

The report indicated that large numbers of wealthy people are now consulting wealth management professionals, with almost a third (32 percent) saying they had reviewed their plans to make sure money was passed on in a tax-efficient way.

The current tax-free inheritance allowance is £325,000, while a £175,000 nil-rate band applies to homes passed to children or grandchildren. However, gifts made in the last seven years of someone’s life are exempt.

READ MORE: British Gas customers paying £500m more for opting out of direct debit