ROOF Blog

Nearly one in three Britons is planning to fund their retirement with inheritance, Friends Provident research has found. More than half of those questioned admitted to being unprepared for retirement with 31 per cent believing inherited money and property will help them. And although only 14 per cent of adults have discussed how much they may receive, the average people expect to get is £64,000.

There was some confusion over the weekend as to the Conservatives pledge to abolish inheritance tax on estates worth less than £1 million, after shadow business secretary Kenneth Clarke said the plan was only an ‘aspiration’. He has since issued a statement insisting it would happen in the first term of a Tory government, and has been backed by other shadow cabinet ministers. Some political pundits and senior Tories have questioned whether they should be going ahead with a pledge made long before the full impact of the credit crunch had been felt.