Britons 'wasting' £2bn on inheritance taxation

Date: 21st January 2009

Close to £2 billion was wasted on inheritance taxation (IHT) last year, according to newly published data.

Research by Unbiased.co.uk discovered that Britons paid a total of £1.9 billion in unnecessary IHT payments - a rise of £370 million over 2007.

Despise these statistics, more than four in five people have not taken any steps to clarify their IHT liabilities, highlighting the necessity of professional accountancy services.

Chief executive of Unbiased.co.uk, David Elms, commented: "Our research shows that people are throwing away a whopping amount of money on unnecessary inheritance tax payments."

He added that it was "crucial" people concerned they may be paying too much saw an accountant so that they could discuss their tax liabilities.

Earlier this week, the Daily Express advised parents that they may be eligible for a tax rebate of up £1,040 if their children were born between April 6th, 1986 and April 5th, 2003.