Top tips for inheritance tax offered by Norwich Union

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Top tips for inheritance tax offered by Norwich Union

Wed 22nd Apr 2009

Insurance provider Norwich Union has published a list of tips which may help people cut down on the amount of inheritance tax they pay.

According to the insurer, giving away different kinds of financial gifts to family members or charities can help cut down on inheritance tax, as can giving money to political parties.

Setting up trusts may also help people pay less inheritance tax when they die, thus leaving their families with more.

Norwich Union also said that being married or part of a civil partnership can also help reduce the burden of death duty.

Nicholas Burton, senior marketing manager for Norwich Union, said: "Estate planning is traditionally one of the most complicated areas of financial planning, with many consumers being alienated by the jargon and technical information available to them."

The Conservative Party has toyed with the idea of cutting inheritance tax, should it win the next election.

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