Financial planning fail sees Brits pay £280m in extra IHT
- On September 15, 2021
- By GrowthInvest Marketing
Estates could have avoided the tax bill if they had put life insurance policies into a trust.
It can sometimes be difficult for advisers to quantify their value to clients but research from NFU Mutual has made it abundantly clear in one particular area.
“Many people buy life insurance without advice, so aren’t aware that if they don’t put the policy in trust it’s included in their estate and could end up being taxed at 40%,” said Sean McCann, chartered financial planner at NFU Mutual.
The insurer found that more than 6,000 estates overpaid inheritance tax (IHT) in the 2018-19 financial year.
This is because, of the 22,100 that owed IHT, more than a quarter (6,040) included life insurance policies as part of the estate.
To read the full article click here
GET IN TOUCH!
CALL US020 7071 3945
FOLLOW US ON
Throughout our site you will find links to external websites. Although we make every effort to ensure these links are accurate, up to date and relevant, we cannot take responsibility for pages maintained by external providers.