Seeking financial advice on inheritance tax can lessen the burden when it needs to be paid, according to an expert.
Inheritance tax can be less galling if people hire a professional to help them plan in advance, an independent finacial adviser has said.
Alex Pegley, director of Calculis, explained that taxpayers can "avoid it or at least mitigate it" if they listen to expert advice. He said that part of the problem of the tax is that people "don't understand it" - so they should seek advice from a chartered financial planner in the same way that they would ask for an accountant's opinion on income tax.
The threshold - or 'nil rate band' - below which people do not have to pay inheritance tax has risen this financial year to £325,000. Any inheritance over this amount is taxable at 40 percent - but it is this rule that could prove confusing for taxpayers, according to Mr Pegley.
"Going forward, I think the number of people who do not understand the nil rate band is going to become an increasing problem, because people won't be aware of it if they don't seek advice," he said.
"People can still enjoy any income from their assets from outside of their estate, but just get advice because there's loads that you can do."
