UK taxpayers lose £1.3 billion in inheritance tax

Consumers are failing to ensure their affairs are in order before they die. More 'death tax' is being paid out because people are not making the necessary financial arrangements. British taxpayers will waste almost £1.3 billion this year due to poor inheritance tax (IHT) planning , according to new study. Financial website found that nine out of ten people have done nothing in the past 12 months to reduce the amount they will pay despite 'death tax' making it into the top five list of taxes Britons want to most abolish. Other taxes in the list include fuel duty, council tax, the TV license fee and income tax.