Poor Inheritance Tax Planning Costing £££s

Our failure to plan for inheritance tax (IHT) is likely to cost us £1.3bn in 2011, according to the professional advice website Unbiased.co.uk.   Their latest annual Tax Action Report found that this year unnecessary tax payments by UK tax payers will amount to £13.5bn, 10 per cent of which will be IHT.

Using your annual exemption, making regular gifts out of surplus income and small gift exemption are just some of the simple strategies that you can use to help plan your IHT liability.

Unbiased.co.uk also report that 9 out of 10 people have not actively reviewed their tax situation in the past 12 months and therefore could be paying more tax than needed.