Norwich Union: Inheritance tax confuses families

The Telegraph – 22/04/09

Norwich Union has conducted research which reveals that many families in the UK are confused by the procedures surrounding inheritance tax, which may leave them paying more death duty than is necessary to the government.

The study reveals that more than one in five people who are likely to have to pay inheritance tax have no idea they are required to.

Norwich Union also found that 62 per cent of the people it surveyed who are near or around the inheritance tax threshold have partial or no understanding of what inheritance tax actually is.

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."

The insurer is currently undergoing a rebranding operation and will be known as Aviva from the summer onwards.