Oct 20 2006
Britons have been advised to plan ahead to prevent the impact of inheritance tax (IHT) on their estate when they pass away.
Financial services provider Zurich noted that with the family home being the largest asset for many people in the UK, it is necessary to plan ahead to prevent an estate being far above the IHT threshold.
The company has promoted its own life plan cover to ensure that consumers will be able to afford IHT in the future.
Peter Hamilton, protection management director at Zurich, claimed that there now existed an increased public awareness of IHT.
"There are various ways to mitigate the potential tax liability," he said.
"We would strongly urge customers to consult an adviser, to plan ahead and to make the most of the tax planning opportunities available," he added.
In August, Halifax reported that there was a 72 per cent increase in the number of estates that paid IHT in the five years up to 2004.
