The inheritance tax can potentially be the biggest cost for your family and loved ones, it is currently charged at 40% over your Nil Rate Band. This becomes especially expensive for most as they have probably already paid tax while growing their assets. We can give tax efficient advice to our clients and allow for actions that can mitigate the potential tax liability. The key is to start planning ahead rather than leave it till later.
Some actions include considering how your pension arrangements can be used skip a generation, making regular gifts from your annual income, transferring/setting up your investments into a trust or arranging a whole of the life policy to provide for the tax liability. This may enable you to use the tax system more efficiently and to your benefit.
In a nutshell, we ensure you don’t pay more tax than you absolutely need to. We like to work alongside your accountant and solicitor to provide a robust wealth management approach. You need not have any worries, especially when all your professional advisors are working collaboratively to make the most of your wealth, inherited or otherwise.