Inheritance Tax: At a glance


With the UK set to waste over £550 million in inheritance tax this year, and Prudential sat down with two Independent Financial Advisers to discuss the importance of proper inheritance tax planning. 

Some key revelations emerged:

  • People routinely underestimate the value of their assets 
  • Many leave inheritance tax planning too late
  • Bad tax planning can be worse than no tax planning - which is why seeking independent professional advice is so important

Take a look at the highlights


Alistair Cunningham, Charetered Financial Planner at Wingate Financial Planning: 'The first priority with inheritance tax planning is to address things which are nil or low cost, that don’t put people in a disadvantageous position. There is a lot of value in peace of mind that comes with inheritance tax planning, from the simplest things such as having a proper will in place'. 

Les Cameron, Head of Technical at Prudential: 'While inheritance tax may only affect a certain amount of households, for those that do pay it the numbers are significant. The average estate paying inheritance tax pays over £100,000, which is why we talk about the value of advice'.

Tom Dean, Independent Financial Adviser at Plutus Wealth: 'Many people will feel inheritance tax planning is not appropriate, and do not make it a priority as they feel its too early - which is often not the case'.

Paul Fidell, Head of Business Development at Prudential: 'There are a large amount of people who underestimate the value of their assets, and believe inheritance tax doesn't apply to them. Someone who owns a semi-detached house on the outskirts of London may not see themselves as remotely wealthy, yet their estate could be over the inheritance tax threshold. Good advice is essential to inheritance tax planning'.

Karen Barrett, chief executive at ‘Inheritance tax is incredibly emotive – people want to leave their estate to loved ones, but without tax planning could leave them with a hefty bill.There are several things that can be done, with the help of an adviser, to significantly reduce inheritance tax'.

Find out where your estate could be vulnerable to inheritance tax with the help of our Inheritance Tax Checklist