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15/12/2008
Majority of people 'clueless' about estate planning |
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New research has found that three out of five people are "in the dark" about estate planning.
In October 2007's pre-Budget report, the Inheritance Tax (IHT) transferable nil rate band (NRB) was introduced - allowing the estate of the surviving spouse or civil partner to claim any unused NRB from the first spouse's estate.
However, Standard Life's latest wills and trusts research report from has revealed that three out of five people are unaware of the new rules and tax implications.
According to Standard Life, the changes apply when the NRB of the first spouse or civil partner to die was not fully used in calculating the IHT liability of their estate and brings the enhanced nil rate band of the surviving spouse to potentially £624 000 - making a sizeable difference to estate planning.
Julie Hutchison, head of estate planning at Standard Life, described it as "disappointing" that the extensive media coverage of the new transferable NRB has not been "fully understood" by most people.
Britons lost 1.9 billion last year through unnecessary IHT payments, according to research by Unbiased.co.uk.
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