Britons are paying unnecessary £448m in IHT tax

Putting assets ‘under trust' effectively removes assets from the estate, and means the money will not be subject to inheritance tax. The Tax Action Report from Unbiased indicates that nine out of ten (85%) Brits have taken no action in the last year to reduce the amount of inheritance tax their estate could be liable for. In addition, 27% claim they do not know how to go about being more tax efficient. For an estate worth £325,000, not placing life insurance policies under trust will reduce a £100,000 life insurance payout by as much as £40,000. Karen Barrett chief executive of ...