The survey, carried out by the retailers of luxury vintage watches and fine jewellery, also found that 56% of respondents in Scotland believe inheritance tax should be scrapped.

It also found that that over half (58%) of respondents did not know what the current rate of inheritance tax is.

The survey found that 74% of respondents feel that personal possessions that might be included in the inheritance tax, such as jewellery, should be excluded.

Moreover, nearly two-thirds (60%) agree that the inheritance tax threshold should be correlated to house prices.

Nearly two-fifths (39%) of Brits admit they wouldn’t declare gifted jewellery from a parent in order to avoid paying the inheritance tax on it.

Respondents were also asked what items they would like to be exempt from inheritance tax and it was found that over one-third (34%) said land. 20% felt jewellery should not be taxed; 18% said artwork; 16% believed cars should be exempt; 7% said vintage watches, and 5% said shares should also be inheritance tax-free.