Inheritance tax waste 'costing Britons dearly'
Many people are failing to take their inheritance tax liability into account when writing a will
, a new survey has found.
This is the second-largest wasted tax area in the UK, unbiased.co.uk pointed out, with 88 per cent of people doing nothing to reduce the amount they are likely to pay.
As a result, the website estimates that £1.3 billion will go to waste this year alone as a result of poor inheritance tax planning.
Karen Barrett, chief executive of unbiased.co.uk, commented: "With the inheritance tax threshold frozen for another three years, it is important to make sure your financial affairs are in order to protect your family and loved ones after you have gone."
Brian McMillan, director-general of the Society of Will Writers, recently suggested that people can reduce their inheritance tax burden by leaving money to charity when they make a will.
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Published on: April 18, 2011
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