Around three-fifths (59 percent) of retirees in the UK do not know the inheritance tax (IHT) threshold, research by retirement specialist Just Group found.

Conducted on 1,050 retired and semi-retired adults aged older than 55, the survey also found that half of respondents did not clearly understand IHT rules and the amount they can pass on untaxed.

Frozen until 2028, the IHT band was set at £325,000 in 2009.

While this band has remained the same, average house ...