Unnecessary IHT bill to reach £1.6bn - papers 3rd March

The annual IFAP TaxAction investigation suggests three quarters of adults have taken no action this year to reduce the amount of tax that they pay. Moreover, over a third of the money “wasted” – worth at least £1.6bn results is because many individuals fail to reduce their inheritance tax burden, as over £35,000 face an IHT bill this year. Many couples leave all their property to each other but the report concluded that they could make huge IHT savings by giving away wealth during their lifetime and leaving up to £263,000 of their estate to others, such as their children, on the death...