People in the UK are losing up to £1.9 billion a year in inheritance tax (IHT), it has been found.
Research by Unbiased.co.uk has discovered that the overall amount of unnecessary IHT payments climbed by 24 per cent last year to almost two billion pounds.
The site says that writing a will is particularly important to those with assets worth in excess of £312,000 and for these people it is vital that they plan their inheritance.
By doing so more money could go to their chosen heirs rather than the tax man and the site says that those who do not write a will are worst hit by IHT.
David Elms, chief executive of Unbiased.co.uk, says that people are throwing away a "whopping amount" of money on "unnecessary" payments.
"IHT liability is paid by beneficiaries, often at a time when they are grieving over the loss of a loved one," he added.
The BBC has reported that 40,000 estates a year are subject to inheritance tax.
Published on: January 21, 2009