Bad inheritance tax planning costs Brits £450m a year

New research carried out by suggests that £450million a year could be saved in Britain if inheritance tax planning was improved.

The research looked at life insurance policies in particular, and noted that many people allow their life insurance payout to be added on to their total estate, which can push many over the threshold for inheritance tax payment. If the policies were placed under trust the holders could avoid paying a large amount of inheritance tax on their total estate, and it would in many cases improve how quickly the estate could be administered.

The research uncovered that an overwhelming majority of people (85%) living in Britain do not look to reduce their tax bill, with 27% saying they are not aware of the options available to them to pay less tax through careful planning.

If you live in Northern Ireland and require advice in respect of inheritance tax, drafting a Will, creating a trust, or any other estate related matter, contact one of the specialist solicitors at Wilson Nesbitt in Belfast or Bangor by calling 0800 840 9293 or by submitting your details online for a callback.