Inheritance tax warning as ‘concerning’ number of Britons fail to plan for 40% bill | Personal Finance | Finance

“However, 60 percent of the remainder of the population have no plans in place at all.

“This is concerning, given this backdrop.”

Fortunately, Britons do not have to remain powerless about the situation and can take active steps to reduce their potential liability.

One way by which to do so, Mr Stimpson highlighted, is by gifting money away during one’s lifetime.

While the research shows only 23 percent of respondents have done so, the expert highlighted this as an efficient way to dispose of wealth, while loved ones could potentially benefit.