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LATEST NEWS & EVENTS £1.3bn in inheritance tax 'wasted'  Brits are being urged to take wills and inheritance tax planning advice as it emerges that billions of pounds is being paid needlessly to the taxman. People in the UK are wasting an estimated £1.333 billion in inheritance tax, according to new research from unbiased.co.uk. It has identified that, overall, Brits are handing over £13.5 billion to the Treasury that could be avoided through better planning. As well as being apathetic about wills and inheritance tax planning, the study reveals that Brits are not doing enough to save money through ISAs, pensions, tax credits and other allowances and rebates to which they are entitled. Karen Barrett, chief executive of the website behind the study, said: "While consumers are increasingly aware of saving money by switching utilities provider or using online moneysaving websites, they could actually be saving themselves even more by being tax efficient and not giving away more than they should to the taxman." The news comes after a recent report from the Institute for Public Policy Research called for an end to inheritance tax and for it to be replaced with a Capital Receipts Tax. Posted by Gaby Hamerton 
Related Articles: 17/5/2012 - Discussing death remains taboo as wills and inheritance tax planning suffers 11/5/2012 - Queen's Speech legal reforms welcomed 4/5/2012 - Create Lasting Power of Attorney before it's too late 2/5/2012 - Support for will writing regulation grows 25/4/2012 - Inheritance tax planning could net £450m a year in savings More Individual Legal Services News |
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