Inheritance tax and life insurance

Wed, 01 Nov 2006

People in the UK are losing a fortune every year because of their inability to plan for inheritance tax, according to a new study by unbiased.co.uk. The new survey indicates that much of the money eaten by inheritance tax could be avoided, including the proceeds of life insurance policies.

The taxman will take a whopping cut of anything above a certain threshold unless death is well planned for. Some costs become exempt when they are written in trust . Many of these options are not taken though, and bad financial planning could cost the nation £1 billion.

The chief executive of unbiased.co.uk, David Elms, had the following to say on the matter: "It's vital that people seek advice from an independent financial adviser, so they can make informed decisions when it comes to inheritance tax planning ."

Once money being left exceeds £285,000 inheritance tax of 40 per cent is levied.
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