On the data, Mr Lowe explained: “Our recent FOI request found that although the average value of estates liable for inheritance tax in 2018-19 doesn’t vary much by region, the components of those estates is very different.
“In areas such as London and the East of England property is a much bigger proportion of the estate and relatively low amounts of cash and securities are left compared to other areas which may require a very different approach to estate planning.”
On what taxpayers can do to reduce how much they need to pay in IHT, Mr Lowe advocates for people taking proper financial advice on estate planning.
He added: “Professional, regulated advice can help people across the UK work out how their property may impact their estate planning and consider how the wealth tied up in bricks and mortar can help people meet their goals in later life.
