Jan 9 2007
A financial services provider has noted that despite a high level of awareness of inheritance tax (IHT), most Britons do not take any action to protect themselves against the cost of the tax.
Research from Zurich found that 95 per cent of Britons are aware of the tax, but 78 per cent were not taking measures to reduce any payment they have to make as a result of it.
Paul Wright, investment management director, said: "While IHT used to be a tax on the very rich, it is now a growing problem for many people with modest estates."
He added that, because the issues surrounding the tax are complex, consumers would need professional financial advice to protect against any liabilities arising from the tax.
In December, the Bank of Scotland reported that IHT is now payable on over a tenth of all estates in the UK.
