Brits 'wasting money' in inheritance tax

It has been claimed that people across Britain and Northern Ireland are wasting a combined total of £1.5 billion in inheritance tax.

Figures released by Unbiased.co.uk have suggested that people could have avoided paying a total of £1.5 billion in inheritance tax last year if they had had the correct advice.

Therefore, it seems that this year many people will need to head to their solicitors to ensure that they do not ends up forking out large sums of money unnecessarily.

According to the research, the amount spent on wasted and unnecessary inheritance tax payments increased by 19 per cent last year, suggesting that there is a real need to educate people fully on the implications of inheritance tax and the ways in which it can be avoided.

This view was confirmed by David Elms, chief executive of Unbiased, who commented: "Without advanced tax planning, increasing amounts of IHT will fall into the hands of the tax man."

Contact us for legal advice