Taxman grabs family fortunes thanks to inheritance tax ignorance
Families could end up paying tens or even hundreds of thousands of pounds in tax through an ignorance of the rules which can prove costly.
Three fifths of people who face a potential IHT bill fail to realise their estate may be liable, according to a new survey by insurer Canada Life.
Many do not know how much they are likely to pay, with more than half saying they didn’t realise that IHT is charged at a hefty 40 per cent.
Latest figures from HM Revenue & Customs showing receipts from IHT have hit a record high. Families paid £4.7billion of IHT in the 2015/16 tax... read more
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