POOR IHT planning cost taxpayers £1.5bn last year but only one in four took any steps to reduce their overall tax payments.
A survey by Unbiased.co.uk, the website promoting the benefits of independent financial advice, revealed people in the UK branded the so-called “death tax” as their most resented payout after council tax. But they waste more on this tax than any other with the amount squandered in IHT payments rising by 19pc compared to the previous year – an increase of more than £250m. Unbiased.co.uk’s research showed the overall amount of IHT payments last year was £3.5bn but, of this, £1.5bn was avoidable. The website fears this problem will worsen as house prices soar past the IHT nil rate threshold...
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