Inheritance Tax is said to be a 'bigger threat to family wealth than ever', with receipts soaring to a record-high of £6.1 billion across the 2021/22 financial year. These will steadily continue to rise further too, with the £325,000 nil-rate threshold staying frozen solid until 2026.
Although the married and those in civil partnerships will have some form of protection, as they are able to transfer assets free of Inheritance Tax while also able to inherit others' allowances, singletons and people not registered as married cannot - even if they have been in a relationship for decades.
More than six million Brits cohabit with their partner, and they risk paying higher rates of IHT when one of them dies should money be left to them. And in some worse cases, they could pay the hated 'death tax' twice.
