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22/01/2009
Britons 'lose £1.9bn in inheritance tax' |
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Taxpayers in the UK lost close to two billion pounds last year through unnecessary inheritance tax (IHT) payments, it has emerged.
By not making a will and planning their inheritance properly, the amount of wasted IHT payments has climbed by 24 per cent compared to 2007, research by Unbiased.co.uk has found.
The site claims that one of the main reasons for this money not going to chosen heirs is the inclusion of life assurance policies in personal estates, which would not be subject to IHT if they were written in trust.
David Elms, chief executive of the Unbiased.co.uk, says: "IHT liability is paid by beneficiaries, often at a time when they are grieving over the loss of a loved one."
"Without advanced tax planning, increasing amounts of IHT will fall into the hands of the tax man," he added.
Houses valued under £312,000 are not eligible for IHT and people are advised by Forum Wealth to constantly evaluate their financial position to minimise taxation.
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