Wealthy families are giving away more money earlier in life to avoid getting slapped with inheritance tax on pensions from spring 2027, a new survey reveals.
Nearly two thirds of affluent people with a personal income of more than £100,000, assets to invest of £500,000-plus, or a house valued more than £1million, are aware of and concerned about the pending changes.
And some 30 per cent are already changing their behaviour when it comes to gifting, which aside from spending your money is one of the easiest and most popular ways to reduce an inheritance tax bill.
Among those deciding to be more generous, 47 per cent are gifting more often, 44 per cent are gifting earlier, 35 per cent are gifting larger amounts, and 7 per cent are gifting to a wider group of people, according to the survey by RBC Brewin Dolphin.
It also found nearly half are not making gifts for a specific purpose, but among the rest most are funding house deposits, followed by offering day-to-day living support, shared experiences with the recipient, and school or university fees.
