Money saving tips 'can help with inheritance tax'
Norwich Union has issued a list of money saving tips aimed at lessening the amount people pay out in inheritance tax after they die.
Money saving tips may help people to pay less in inheritance tax according to Norwich Union, which has advised people to consider their financial affairs carefully to avoid death duty.Research by the financial services provider found that 62 per cent of those who are near or around the inheritance tax threshold have only a partial or no understanding of how inheritance tax works.
Norwich Union's money saving tips include giving annual gifts or donations to charity and setting up trusts, all of which are taxed at lower rates.
Nicholas Burton, senior marketing manager for Norwich Union, said: "Inheritance tax is not just for the super rich - many of our customers are mystified by the current system and as a result are not taking action or leaving things too late."
Norwich Union is currently undergoing a major rebranding exercise, which will see its name change to Aviva later this year.
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