Almost 7 in 10 (69%) of over-50s have not taken inheritance tax (IHT) advice, despite many holding assets over the nil rate band.

Over 6 in 10 (64%) surveyed by Visible Capital said they are planning on leaving an inheritance.

The average inheritance planned ranged from £100,000 to £1m.

Around a third of respondents were expecting to leave an estate in excess of the nil rate IHT band.

The nil rate IHT band has been frozen until 2026.

Most (81%) of the over-50s surveyed had made a will.

A third (33%) of those surveyed said they use the services of a financial adviser.

Visible Capital said the survey shows there are “clear opportunities” for Financial Planners who can offer inheritance tax planning services.

Ross Laurie, CEO of Visible Capital, said: “We were shocked when we saw the results of the survey. For 69% of this age group, with the bulk of the respondents aged 60 to 80, not to have sought advice on inheritance tax, could have a devastating impact on their estates.

“With around a third of respondents expecting to leave estates in excess of the nil rate band, which has been frozen until 2026, another five years, this lack of forward planning around IHT is needlessly lining them up to pay money into Treasury coffers.

“Simply writing a will is not enough to prevent overpayment of tax on someone’s lifetime of hard-earned wealth.

“My fear is that they won’t be passing on as much wealth to their family as they imagine.

“It is perhaps not a coincidence that around 33% of overall respondents said they used the services of an IFA. It is to be hoped it is the access and advice from their IFA which has helped in respect of IHT planning.”

The technology provider added that a large proportion of the survey group were women, suggesting that gender gap issues around pensions and savings may also be present when it comes to Financial Planning for intergenerational wealth transfer.

• Research was conducted by Silversurfers on behalf of Visible Capital amongst a sample of over 1,000 UK individuals over the age of 50.