Research by Alliance & Leicester has found that over two-thirds of people are unaware of their potential Inheritance Tax liabilities. The research found that 61% had no idea what the Inheritance threshold was and of those that did take a guess an additional 16% were way off the mark.
Our view
By our calculations, that is 76% i.e. 3 out of 4 people do not know that the IHT threshold is £255,000. This means that if you are worth more than this then your dependants could face a tax bill of 40% on anything above £255,000 and with many people homes already at this figure alone it is just another way to give the Chancellor your money.
Inheritance Tax is the one tax that can be avoided entirely and legally with professional planning.
Tere are literally hundreds of ways to avoid paying this tax.
Registered Users - Free fact sheet on Inheritance Tax and how to wipe off up to £102,000 off this tax bill immediately with one simple clause in your Will.
Learn more about Inheritance Tax Planning in the Inheritance Adviser.com.