More than three in ten (32%) wealthy Britons are ignorant about inheritance tax, according to a report by Close Brothers Asset Management (CBAM).
The study also found that only 47% of those liable for inheritance tax on their personal assets knows the correct threshold, with 14% wrongly assuming the threshold is £500,000 or higher. The threshold is currently frozen at £325,000.
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In London, two-thirds of affluent were found to be ignorant about inheritance tax, despite being the group most likely to be hit by the tax.
According to the asset management firm, which questioned 1,000 people with personal assets more than £325,000, 43% people admitted to not having sought professional advice on inheritance tax.
Patrick Haines, regional head of advice at Close Brothers Asset Management, said: "Those looking to pass on their wealth cannot let inheritance tax fall under the radar.
"It can only be ignored for so long. There are professionals who can offer expert guidance on inheritance tax and help people understand their exposure and the actions that could be taken to mitigate it."
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By GlobalData
