According to research conducted by unbiased.co.uk, the amount of inheritance tax paid unnecessarily by Brits this year has increased by 16%. This equates to a rise of £314m, or £2.2bn a year in total, and is down to the fact that individuals are failing to make sufficient IHT provision prior to their deaths.
David Elms, Chief executive of Unbiaseds.co.uk, said 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.
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