People neglecting inheritance tax (IHT) planning on the assumption that the tax may be abolished if a Conservative government takes over are "walking a financial tight rope", it has been stated.

According to Skipton Financial Services' chief operating officer Andrew Barker, recent confusion created by shadow business secretary Ken Clarke's comments is evidence of this.

Mr Clarke grabbed headlines when he stated that a promise made by shadow chancellor George Osborne that the party will raise the IHT threshold to £1 million was no longer a priority.

"Adopting a 'wait and see' approach on IHT could prove extremely costly," said Mr Barker who went on to explain that even David Cameron has stated that it could take up to four or five years to keep the promise.

"It is imperative that anyone with a potential IHT liability seeks advice now, rather than assuming that their problems will be solved by a future government."

People in Northern Ireland can contact their solicitors to discuss this matter as well as pursue other vital measures such as drawing up a will.
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