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Gransnet's Inheritance Tax survey - the data
1. Before today, were you aware of the rules of Inheritance Tax?
| No. of cases | 989 |
|---|---|
| Yes, I'm well aware of the Inheritance Tax rules | 42% |
| I'm aware of Inheritance Tax but was not sure of the details | 54% |
| No | 4% |
| Skipped | 0% |
2. To what extent do you agree or disagree with each of the following statements?
| Inheritance Tax is plain wrong and should be abolished | |
|---|---|
| Agree | 42% |
| Disagree | 40% |
| Strongly agree | 24% |
| Somewhat agree | 18% |
| Neither agree nor disagree | 14% |
| Somewhat disagree | 18% |
| Strongly disagree | 22% |
| Don't know/not sure | 3% |
| The Government should change Inheritance Tax so that it's taken only from estates with a value over £1 million | |
|---|---|
| Agree | 55% |
| Disagree | 29% |
| Strongly agree | 27% |
| Somewhat agree | 28% |
| Neither agree nor disagree | 14% |
| Somewhat disagree | 15% |
| Strongly disagree | 13% |
| Don't know/not sure | 2% |
| The Government should change Inheritance Tax so that it's taken only from estates with a value over £1.5 million | |
|---|---|
| Agree | 51% |
| Disagree | 32% |
| Strongly agree | 23% |
| Somewhat agree | 28% |
| Neither agree nor disagree | 14% |
| Somewhat disagree | 17% |
| Strongly disagree | 15% |
| Don't know/not sure | 2% |
| The Government should change Inheritance Tax so that it's taken only from estates with a value over £2 million | |
|---|---|
| Agree | 49% |
| Disagree | 37% |
| Strongly agree | 28% |
| Somewhat agree | 22% |
| Neither agree nor disagree | 11% |
| Somewhat disagree | 18% |
| Strongly disagree | 19% |
| Don't know/not sure | 3% |
| The housing price boom means that too many people are brought into the Inheritance Tax bracket | |
|---|---|
| Agree | 78% |
| Disagree | 12% |
| Strongly agree | 47% |
| Somewhat agree | 32% |
| Neither agree nor disagree | 8% |
| Somewhat disagree | 7% |
| Strongly disagree | 5% |
| Don't know/not sure | 2% |
| The Government should change Inheritance Tax so that more is taken from less rich estates than under the present rules (i.e. the Inheritance Tax threshold should be reduced) | |
|---|---|
| Agree | 13% |
| Disagree | 74% |
| Strongly agree | 9% |
| Somewhat agree | 5% |
| Neither agree nor disagree | 8% |
| Somewhat disagree | 14% |
| Strongly disagree | 60% |
| Don't know/not sure | 5% |
| Inheritance Tax is an important mechanism for reducing inequality across society, and in principal I agree with it | |
|---|---|
| Agree | 32% |
| Disagree | 49% |
| Strongly agree | 11% |
| Somewhat agree | 21% |
| Neither agree nor disagree | 15% |
| Somewhat disagree | 18% |
| Strongly disagree | 32% |
| Don't know/not sure | 4% |
3. And when it comes to the principle of people leaving their estates to their children, which of the following statements comes closest to your view?
| People work hard to build up assets and wealth; passing that on to your children is a human impulse and the Government should stay out of it as much as possible | 58% |
|---|---|
| It's understandable to want to pass on something to your children, but the Government is entitled to take a cut too, particularly from richer estates | 35% |
| Inheritance Tax should be increased dramatically; passing wealth and assets from generation to generation makes inequality worse, and younger generations of rich families should have to make their own way in the world without inheriting big sums | 4% |
| None of these/skipped | 3% |
4. Have you ever discussed Inheritance Tax with: (If you don't have an estate to be inherited and have neber discussed Inheritance Tax, please select 'no')
| Your partner? | 76% |
|---|---|
| Your friends? | 55% |
| Your children? | 49% |
| Your parents? | 46% |
| A finance professional? | 44% |
| Other potential beneficiaries? | 11% |
5. What's your opinion on people planning their finances to minimise the impact of Inheritance Tax?
| I think it’s sensible and entirely justified - nobody should feel bad about it | 41% |
|---|---|
| I think it's understandable - nobody likes paying more tax than they have to | 41% |
| I think it's a bit socially irresponsible and selfish | 11% |
| I think it's morally wrong and unjustifiable | 4% |
| Other | 2% |
| I don't have an opinion on it | 2% |
6. In general, do you think Inheritance Tax planning is...
| A taboo topic | 24% |
|---|---|
| Openly discussed | 41% |
| Don't know/skipped | 36% |
7. To what extent do you agree/disagree with the following statements?
| The notion of Inheritance Tax | |
|---|---|
| Agree | 19% |
| Disagree | 58% |
| Strongly agree | 4% |
| Somewhat agree | 15% |
| Neither agree nor disagree | 22% |
| Somewhat disagree | 19% |
| Strongly disagree | 39% |
| Don't know/not sure/skipped | 2% |
| Wanting to leave something in my will | |
| Agree | 29% |
| Disagree | 53% |
| Strongly agree | 7% |
| Somewhat agree | 22% |
| Neither agree nor disagree | 17% |
| Somewhat disagree | 19% |
| Strongly disagree | 34% |
| Don't know/not sure/skipped | 1% |
8. Before today, were you aware of the 7 year rule?
| Yes, I was aware of the 7 year rule | 68% |
|---|---|
| I'm aware the rule exists but was not sure of the details | 22% |
| No | 10% |
| Skipped | 0% |
9. To what extent do you agree or disagree with each of the following statements?
| I never think about Inheritance Tax because I know my finances don't meet the £325K threshold | |
|---|---|
| Agree | 31% |
| Disagree | 52% |
| Strongly agree | 17% |
| Somewhat agree | 14% |
| Neither agree nor disagree | 15% |
| Somewhat disagree | 19% |
| Strongly disagree | 33% |
| Don't know/not sure | 3% |
| I worry about what will happen to my finances once I've passed away | |
|---|---|
| Agree | 30% |
| Disagree | 47% |
| Strongly agree | 11% |
| Somewhat agree | 20% |
| Neither agree nor disagree | 22% |
| Somewhat disagree | 21% |
| Strongly disagree | 26% |
| Don't know/not sure | 1% |
| I intend to spend all my money before I die | |
|---|---|
| Agree | 15% |
| Disagree | 64% |
| Strongly agree | 4% |
| Somewhat agree | 11% |
| Neither agree nor disagree | 19% |
| Somewhat disagree | 31% |
| Strongly disagree | 33% |
| Don't know/not sure | 2% |
| I owe it to my family to leave my financial affairs in good order | |
|---|---|
| Agree | 93% |
| Disagree | 2% |
| Strongly agree | 64% |
| Somewhat agree | 29% |
| Neither agree nor disagree | 4% |
| Somewhat disagree | 1% |
| Strongly disagree | 1% |
| Don't know/not sure | 1% |
| I am actively spending, donating and gifting my money with the £325K tax threshold in mind | |
|---|---|
| Agree | 13% |
| Disagree | 63% |
| Strongly agree | 4% |
| Somewhat agree | 9% |
| Neither agree nor disagree | 21% |
| Somewhat disagree | 17% |
| Strongly disagree | 46% |
| Don't know/not sure | 2% |
| I want my descendants to benefit from the money I have earned | |
|---|---|
| Agree | 84% |
| Disagree | 6% |
| Strongly agree | 56% |
| Somewhat agree | 29% |
| Neither agree nor disagree | 9% |
| Somewhat disagree | 3% |
| Strongly disagree | 3% |
| Don't know/not sure | 1% |
| I consider Inheritance Tax to be a form of double taxation | |
|---|---|
| Agree | 73% |
| Disagree | 18% |
| Strongly agree | 45% |
| Somewhat agree | 28% |
| Neither agree nor disagree | 8% |
| Somewhat disagree | 9% |
| Strongly disagree | 8% |
| Don't know/not sure | 1% |
10. Have you ever done (or do you plan to do) any of the following to monimise the impact of Inheritance Tax on your family, after your death?
| Given financial gifts to family members with the intention of benefitting from the 7 year rule | 27% |
|---|---|
| Transferred assets into your child/children's name | 20% |
| Actively spent your money now | 18% |
| Set up trust funds | 16% |
| Made donations to charity | 12% |
| Bought property for family members | 10% |
| N/A/doesn't apply to me/skipped | 16% |
| None of these | 39% |
11. Do you have a will?
| Yes | 71% |
|---|---|
| No, but plan to make one | 26% |
| No, and have no plans to make one | 4% |
| Skipped | 0% |
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Images: Shutterstock