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People 'should plan their wills to avoid unnecessary IHT'

People 'should plan their wills to avoid unnecessary IHT'

Consumers keen to minimise the amount they pay in the wake of their deaths in the form of inheritance tax (IHT) should ensure they plan their wills.

This is according to Adeline Christy, who suggested in the Aberdeen Press and Journal that doing this is one of a number of ways in which Britons can reduce the burden of the levy.

Other methods include trust planning and family limited partnerships, she claimed.

According to Ms Christy, many consumers in the UK hold the view that the allowance for IHT is too low.

Currently, it stands at £325,000 and while chancellor George Osborne had planned to raise this before the general election took place, he has been forced to shelve the idea.

In its manifesto, the Conservatives said they would up the level at which the tax comes in to £1 million.

However, in order to form a coalition with the Liberal Democrats, the party had to backtrack on the pledge.

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