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UK taxpayers waste more on IHT payments than any other tax, according to Unbiased.co.uk.

The website has also found that four in five people have not taken any steps to reduce their overall tax payments. The research shows that the overall amount of unnecessary inheritance tax payments totalled £1.9bn last year.

It also found that the amount of wasted IHT payments has risen by 24% compared to the previous year, 2007 equalling an increase of nearly £370m.

Of course, the fastest way to tackle the amount of money wasted on unnecessary tax payments is by talking to your financial adviser.

David Elms, chief executive of Unbiased.co.uk, says: "Our research shows that people are throwing away a whopping amount of money on unnecessary inheritance tax payments. The beneficiaries pay IHT liability, often at a time when they are grieving over the loss of a loved one. Without advanced tax planning, increasing amounts of IHT will fall into the hands of the taxman.

"It is crucial that people see a financial adviser to discuss their tax liabilities remembering that it is legal to mitigate inheritance tax. An adviser will ensure that all advice provided is appropriate for their client's personal and family financial situation."

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