Billions lost in taxation 'wastage'

Date: 9th December 2008

Britons are wasting billions of pounds on unnecessary inheritance taxation every year, according to one group.

Experts at the comparison site Unbiased.co.uk found that £1.9 billion in the so-called 'death' taxation was paid without need last year.

What's more, the amount being paid in inheritance taxation by people in the UK in 2007 rose 24 per cent, totalling £370 million in unnecessary taxation payments.

Chief executive of Unbiased.co.uk, David Elms, commented: "People are throwing a whopping amount of money on unnecessary inheritance tax payments.

"It is crucial that people see an independent financial adviser to discuss their tax liabilities remembering that it is legal to mitigate inheritance tax."

Those looking to find out more about inheritance taxation and its implications should consider speaking to an accountant, who can provide invaluable advice on the subject.

In other news, it was revealed yesterday that the internet service provider UK Online was refusing to pass on the new rate of VAT to its 30,000 customers.