An increase in home ownership rates and property prices has created a windfall for millions of Britons – and underscored the need for people to plan for inheritance.
Figures from the Office for National Statistics (ONS) for 2008-2010 found that 10% of adults inherited more than £125,000, with properties pushing them into a 40% tax rate.
According to the ONS, 1.6m adults have received more than £1,000 in the two years before being surveyed. The combined total of all inheritances received stands at £75bn.
The amount inherited has...