New research has revealed that UK taxpayers are set to waste as much as £4.7 billion this year in unnecessary tax payments.
The 2014 unbiased.co.uk Tax Action research shows Brits are set to gift a massive £100 million more to the taxman, compared to 20132, by not making the most of tax reliefs available to them or by not using tax-efficient savings products.
One area identified by the research as a source of tax inefficiency is inheritance tax (IHT), where individuals are apparently wasting around £530 million by not placing life protection policies ‘under trust’.
Unbiased.co.uk highlights that not placing a life insurance policy under trust could reduce a £100,000 pay-out by as much as £40,000, if an individual’s total estate is worth more than £325,000.
The research also found that only 27% of respondents said they would be confident in tackling IHT planning without the help of a professional adviser.
Contact our Family Lawyers
Contact our family law solicitors based in Edinburgh, Scotland, to find out how we can help you with estate planning and inheritance tax issues. Click here to contact us or telephone 0131 208 2260.