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Over-50s cutting back on essentials to leave inheritance

According to new data from Populus, nearly half of people aged over 50 are willing to forgo luxuries in later life to leave a larger inheritance for their children.

The study, commissioned by Saga Money, also found that 80 per cent of over 50s intended to pass some form of inheritance on to their children.

As well as leaving an inheritance, around 40 per cent of those questioned said they wanted to provide gifts to their families while they are still alive, by helping out with house deposits or wedding costs.

Around a quarter of retirees nationally said they would like to spend their money on maximising their lifestyle in retirement as well.

Shockingly, despite many wanting to pass on an inheritance, a third thought they would not have enough money to leave an inheritance.

Unsurprisingly, property was identified as the largest asset in most inheritances, with 70 per cent of parents saying that their home would make up the bulk of any capital left.

With so many people intending to leave wealth to the next generation, it is important that they consider how it might affect their Inheritance Tax liabilities.

Thanks to the introduction of the Residence Nil Rate Band, couples will be able to pass on up to £1 million to direct descendants, where property is included in the inheritance, from 2020/21.

LINK: Populus Inheritance Survey

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Don’t forget the Self-Assessment deadline

While most people will be focused on the festive celebrations at this time of the year, businesses and their owners must not forget the all-important Self-Assessment deadline.

The deadline for sending 2016-17 tax returns to HMRC is midnight on 31 January 2018.

The penalty regime for missing the 31 January filing deadline includes an initial £100 penalty, which applies even if there is no tax to pay, or if the tax due is paid on time.

Any tax due from the previous year must also be paid by midnight on 31 January, or penalties may also be issued for late payment of tax.

It is important that you do not leave submission until the last minute, as from experience HM Revenue & Customs tends to take a more careful view of those returns submitted near to the deadline.

If you haven’t submitted your tax return yet or provided information to your accountant to assist them with the necessary preparations, now is the time to act!

LINK: Self-Assessment deadlines

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