If, unlike Polly Toynbee, you'd like your hard earned wealth to pass to your children rather than the taxman, you should be working with a financial planner to minimise inheritance tax.
To those that hath, even more shall be given. That depressing biblical message is confirmed by the Institute for Fiscal Studies in today’s report on inheritance. More people stand to inherit than before, but the great majority of the wealth will go to the already wealthy. The worst news is that inheritance is rapidly becoming a more, not less, important factor in people’s lives. As we become more unequal in wealth, inheritance is key. It was already the case: the wealthiest pensioners are those who themselves inherited most. But for the next generation that effect will grow. Some 90% of inherited wealth will go to half the next generation.