How much people inherit, and how often
Inheritance is a fairly infrequent event for most people, and the typical amount is modest. Over July 2014 to June 2016, 4% of adults in Great Britain reported receiving an inheritance of £1,000 or more in the previous two years, and among those who did, the median amount was £11,000 (ONS, Intergenerational transfers, Great Britain, July 2014 to June 2016). Looking ahead, the IFS projects that inheritances will grow relative to lifetime income, from a median worth around 9% of lifetime income for those born in the 1960s to about 16% for those born in the 1980s (IFS, Report R188, April 2021, named research projection, subject to change).
| Measure | Figure | Source |
|---|
| Adults inheriting £1,000+ in two years | 4% | ONS, Jul 2014-Jun 2016 |
| Median inheritance among recipients | £11,000 | ONS, Jul 2014-Jun 2016 |
| Inheritance as share of lifetime income (1980s-born) | ≈16% | IFS R188, 2021 |
| Projected median lifetime inheritance, 1980s-born, poorest fifth | ≈£150,000 | IFS R188, 2021 |
| Projected median lifetime inheritance, 1980s-born, richest fifth | ≈£390,000 | IFS R188, 2021 |
Sources: ONS, Intergenerational transfers, Great Britain, July 2014 to June 2016; IFS, Report R188 (April 2021), a named research projection, subject to change. Amounts are rounded as published.
Who expects to inherit
Expecting an inheritance is now common, and more common among younger generations. The IFS found that the share of people expecting to receive an inheritance rose from 72% of those born in the 1960s to 81% of those born in the 1980s (IFS, Report R188, April 2021, named research projection). A minority also plan around it: when they were in their late 30s, 24% of those born in the 1960s expected to use a future inheritance as a source of retirement funding, rising to 27% of those born in the 1970s, on the same source. Expectations, of course, are not guarantees, and neither the amount nor the timing is fixed.
Inheritance and inheritance tax are not the same thing. Receiving an inheritance does not usually mean the recipient pays tax on it. Inheritance tax is charged on the estate of the person who has died, and only a minority of estates are affected: 31,500 estates were liable in the tax year 2022 to 2023, equal to 4.62% of UK deaths (
HMRC, IHT liabilities statistics, tax year 2022 to 2023, updated 31 July 2025). The nil-rate band is £325,000 per person and the residence nil-rate band is up to £175,000 where a home passes to direct descendants, so a married couple or civil partners may be able to pass on up to £1,000,000 before inheritance tax; these thresholds are frozen until the end of the 2030-31 tax year (5 April 2031) (
gov.uk, as at July 2026, subject to change). For how the bands work, our
Inheritance Tax Explained guide sets out the detail.
What the numbers mean
Read together, the figures suggest inheritance in the UK is arriving later and, for younger generations, mattering more. The clearest single fact is timing: those aged 55 to 64 are the group most likely to inherit today (ONS, July 2014 to June 2016), and the projected average age of inheritance rises toward the mid 60s for people born in the 1980s (IFS, Report R188, April 2021, subject to change). In our view, that later timing is the point that tends to surprise people most: an inheritance often lands close to or after retirement, rather than during the years of buying a home or raising a family.
Two other things stand out. First, the typical amount is modest but the spread is wide, with the IFS projecting median lifetime inheritances for the 1980s-born of roughly £150,000 for the poorest fifth by income and around £390,000 for the richest fifth (IFS, Report R188, April 2021, named projection, subject to change), so averages can be misleading for any one family. Second, because parents are living longer, more of a parent's wealth may be spent on their own later-life needs before anything passes on. Later-life care can reduce what remains in an estate, and while some people look at planning around the impact of care fees, deliberately giving assets away to reduce a future care contribution can be challenged by a local authority under the deprivation of assets rules, so this is an area where it can be worth taking advice from a qualified professional. These are general observations from published data, not predictions, and individual circumstances vary widely.
The average age of inheritance is less a fixed number than a moving one, drifting later as lifespans lengthen.
For households thinking about their own position, the timing of inheritance is one reason many people choose to look at a will, lifetime gifts and the tax position together rather than in isolation. Our estate planning guide explains how those pieces fit, and if you want to see how much changes hands in a typical case, we look at the average inheritance separately.
Sources and methodology
Every statistic on this page is drawn from a named source and dated to its reference period. Official statistics from the ONS and HMRC are used as primary sources; the IFS report is a named research projection and is treated as a clearly attributed secondary source. Figures were confirmed against each source at the time of writing in July 2026 and may be revised or superseded; tax figures are subject to change.
- ONS, Intergenerational transfers: the distribution of inheritances, gifts and loans, Great Britain (published 30 October 2018, reference period July 2014 to June 2016): age of recipients, share receiving an inheritance and median amounts. ons.gov.uk
- Institute for Fiscal Studies, Inheritances and inequality over the life cycle: what will they mean for younger generations?, Report R188 (Bourquin, Joyce and Sturrock, April 2021): projected average age of inheritance, share expecting to inherit and inheritance as a share of lifetime income (named research projection). ifs.org.uk
- HMRC, Inheritance Tax liabilities statistics: commentary, tax year 2022 to 2023 (updated 31 July 2025): number and share of estates paying inheritance tax. gov.uk
- HM Government, Inheritance Tax: nil-rate band, residence nil-rate band and the threshold freeze. gov.uk/inheritance-tax
Scotland and Northern Ireland
The ONS Wealth and Assets Survey covers Great Britain, and the IFS projections are UK-wide, so the timing figures broadly reflect the whole country. Inheritance tax is a UK-wide tax, so the same thresholds apply across the nations (gov.uk, as at July 2026, subject to change). Succession law differs, however: Scotland has its own rules, including legal rights that can entitle a spouse and children to a fixed share of an estate, and it uses confirmation rather than a grant of probate. Northern Ireland has a separate but broadly similar system to England and Wales. Where an estate spans more than one jurisdiction, it can be worth taking advice in each.
Frequently asked questions
What is the average age of inheritance in the UK?
There is no single official figure, but the age group most likely to inherit is 55 to 64, who also receive the largest inheritances on average (ONS, Great Britain, July 2014 to June 2016). The IFS projects the average age at which a last-surviving parent dies rising from 58 for those born in the 1960s to 64 for the 1980s-born (IFS, Report R188, April 2021, subject to change).
Why is the age of inheritance rising?
Mainly because people are living longer, so parents tend to die later and their children inherit later. The IFS links the projected rise in the average age of inheritance, from 58 for the 1960s-born to 64 for the 1980s-born, largely to increases in parental longevity across generations (IFS, Report R188, April 2021, named research projection). It is a projection based on current trends and can change.
How much do people typically inherit?
The typical amount is modest. Among adults in Great Britain who received an inheritance of £1,000 or more over July 2014 to June 2016, the median was £11,000 (ONS, Intergenerational transfers). Amounts vary widely by household, and the IFS projects that inheritances will grow relative to lifetime income for younger generations, so any single average can be misleading.
Do you pay tax when you inherit money in the UK?
Usually not directly. Inheritance tax is charged on the estate of the person who has died, not on the person receiving the inheritance, and only a minority of estates are affected, 4.62% of UK deaths in the tax year 2022 to 2023 (HMRC, updated 31 July 2025). Other taxes, such as income tax on interest earned afterwards, can apply. Because circumstances differ, it can be worth checking the position with a qualified professional.
What age are most people when their parents die?
For many, it is in their late 50s or early 60s. The IFS projects that the average age at which someone's last-surviving parent dies is rising from 58 for those born in the 1960s to 62 for the 1970s-born and 64 for the 1980s-born (IFS, Report R188, April 2021, subject to change). This is a projection about averages, and any individual's experience can differ considerably.
Does everyone in the UK receive an inheritance?
No, though most people expect to. The IFS found the share expecting to receive an inheritance rose from 72% of those born in the 1960s to 81% of the 1980s-born (IFS, Report R188, April 2021, named research projection). Expectations are not guarantees, amounts are uneven, and a parent's later-life costs can reduce what is left to pass on.
About Fairchild Oldfield
The Fairchild Oldfield team brings together estate planning, tax, independent financial advice and client care, working with families across England and Wales.
Fairchild Oldfield are estate planning specialists and will writers, not a firm of solicitors. This article is general information based on practical experience and published data, not legal, tax or financial advice.
Important: This article is general information only and is not legal, tax or financial advice. Reading it does not create a professional relationship. It is based on the law of England and Wales, and other UK jurisdictions may differ. Statistics are attributed to their named sources and reference periods; figures and rules are current as at July 2026 and are subject to change, and official statistics and research projections may be revised. Before acting, many people choose to seek advice from a suitably qualified professional, such as a solicitor, a STEP practitioner, an accountant, or an FCA-authorised financial adviser, who can consider your individual circumstances.
