Professional Adviser: Unmarried couples over 70 at risk of large IHT bills as cohabiting rises
As marriage is in decline and the number of over-70s cohabiting without getting married or entering a civil partnership is booming, large numbers of couples risk having to pay large inheritance tax bills should one pass away, according to national IFA firm Continuum.
The number of couples choosing to cohabit has increased massively over the past two decades, Continuum said. According to the latest figures from the Office for National Statistics (ONS), in 2002 there were 45,066 over 70s in England and Wales cohabiting in this way. By 2020 this had increased 288% to 175,028.