Lack of charitable acts

Just one in ten Scots would give 10 per cent of their estate to charity, despite new rules offering an inheritance tax (IHT) discount if they do so. Many people still don't know how much of their estate can be passed down to their beneficiaries without incurring a 40 per cent IHT charge, according to a survey conducted by Turris Wealth Management.

But despite the threat of paying 40 per cent IHT, just 10 per cent of respondents said they would consider donating 10 per cent of their estate to charity, even though they knew they would qualify for a 10 per cent IHT discount.

Brian Steeples of Turris said: "The common denominator in our survey is that there is much work to be done to clarify misunderstandings in relation to taxation and how it will affect consumers going forward and underlines the need for professional advice."