Brits 'waste £2.2bn annually on inheritance tax'

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Brits 'waste £2.2bn annually on inheritance tax'

Mon 11th May 2009

Brits are unnecessarily paying an extra £2.2 billion yearly on inheritance tax, it has been claimed.

According to new research conducted by advice website Unbiased.co.uk, the amount of inheritance tax Brits have overpaid this year has increased by 16 per cent compared to 2008.

This equates to a rise of £314 million and is due to individuals failing to take out sufficient IHT provisions prior to their deaths, the firm found.

Chief executive of Unbiaseds.co.uk David Elms stated that failing to do this "can prove an additional unwelcome stress for the deceased's family at an already difficult time, since this tax must be paid before the estate is released and any inheritance can be passed on".

The company's research also showed that inheritance tax is the fourth most resented tax on Britons' lists, behind fuel duty, council tax and TV licenses.

Unbiased.co.uk offers its services online for free and performed more than half a million searches for professional advice last year.

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