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ONS: One in 10 Britons inherit £125,000 or more

Data from the Office for National Statistics shows one in 10 Britons have inherited £125,000 or more with half of the population receiving £10,000 or more.

The ONS report into inheritance in Britain, published yesterday, shows a total of £75bn was inherited  between 2008 and 2010, with three-quarters going to the wealthiest 20 per cent of individuals.

A total of 1.6 million adults, or 3.6 per cent of the population, received an inheritance valued at £1,000 or more between 2008 and 2010.

Nearly nine in every ten inheritances was made up, at least in some part, of money or savings.

Property formed part of 19.5 per cent of inheritances and personal possessions such as jewellery or collectibles accounting for 12.4 per cent.

Most of those receiving property inheritance sold the homes they inherited, while many of those who received a non-property inheritance chose to save it.

Almost half of inheritances came from a parent or parent-in-law, with 23 per cent coming from grandparents.

Just over one in ten inheritances were received from an uncle or aunt. The ONS says the finding might be explained by the uncle or aunt not having children of their own.

One in 20 inheritors received assets from a non-relative like a friend or neighbour.

The inheritance tax threshold is set to increase by 1 per cent from £325,000 to £329,000 in 2015/16.

In the 2010 emergency Budget, the Government froze the nil band for inheritance tax for four years. It will be the first increase under this Government but remains lower than the current rate of inflation.

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