UK Money News
8th January 2008
IHT planning 'is about preserving value'
Consumers using life insurance payouts to provide help with money when meeting inheritance tax (IHT) bills are "pouring money down the drain".
So claims Calculis, a firm of independent personal finance advisors.
A spokesperson for the company observes that the whole purpose of IHT planning is to preserve an estate, while life insurance requires a premium to be paid, thereby reducing it.
"If you can - through the use of trusts and specific types of investments - actually reduce the IHT bill, why use life insurance?" asks Alex Pegley, director of Calculis.
He added the proviso that for younger people life insurance could provide help with finance in such circumstances, as premiums for the demographic are not necessarily very expensive.
Inheritance tax is levied at a rate of 40 per cent on the value of an estate exceeding £300,000 - although in October the chancellor of the Exchequer Alistair Darling raised the threshold for civil partners and spouses to £600,000.
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