Britons lose out on inheritance tax

New research has found that Britons lose more money on inheritance tax than any other form of taxation.

A study by found that errors in planning and research mean that people end up paying £2.2 billion a year more in the 'death levy' than they should.

The research concluded that the biggest area of waste is the failure to write the proceeds of life assurance policies into trusts, which could mean that these would not be subject to the tax.

Anyone concerned about where their assets will go after their death may wish to write a will.

Ensuring a will is legally watertight may be of particular importance in the current economic climate, the Yorkshire Post has suggested.

The paper noted that research from a London-based law firm discovered that 228 wills were contested in the high court last year, up from 83 in 2006, something it attributed to the effects of the credit crunch.

Written by Rachel Crook

Published on: May 13, 2009

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