A third of UK homeowners will now be subject to 40% inheritance tax, according to a survey by Scottish Widows.

The bank claims that 8.2 million people – 34% of homeowners – have assets worth more than the £275,000 threshold for the tax.

However, most were unaware of the limit and 73% of those liable to pay the tax had done nothing to minimise their bill.

“This is a tax you can do something about,” said financial expert Martin Cunningham. “Making a will can help and leaving property in a trust is another way of cutting the debt. Talk to an adviser to make the most of the concessions on offer.”