Too many people under 50 fail to consider IHT, research shows

A high number of individuals under 50 years of age have failed to take action against the potential costs of inheritance tax, according to Legal & General.

The research found that 69 per cent of people surveyed under 50 had taken no action beyond making a will to plan against this potentially substantial tax.

This figure comes despite the availability of offshore bonds and funds that can protect any hard-earned wealth against this high charge.

Of the 69 per cent who have yet to act, 38 per cent argued that they felt it was too far off to consider, while 24 per cent admitted they were putting it off.

A further 15 per cent said they also did not know where to start when it came to planning and investigating the various offshore funds available to them.

Mark Green, head of tax and estate planning at Legal & General, said: "People clearly resent the idea that their hard-earned wealth should be taxed repeatedly but seem resigned to leave their estate to the tax man."