Almost three-quarters of people have failed to take steps to reduce their Inheritance Tax liability, despite wasting around £1.5bn in avoidable charges.
Research from Unbiased.co.uk, the consumer website for IFA Promotion (IFAP), reveals IHT is people’s second most resented tax, yet almost three in four people - 74% - have not taken any steps to reduce their overall tax payments in the last year. The survey of 2,610 adults, carried out for IFAP by YouGov, poor IHT planning is causing UK taxpayers to waste an additional £250m in avoidable tax charges since last year. It says the overall amount of IHT payments last year totalled £3.5bn, however it points out £1.5bn of this consisted of avoidable payments, which means the amount of waste...
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