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David Miles, the incoming member of the MPC, has this evening suggested that the worst of the UK recession may be over and house prices may have bottomed out. While there is some scepticism with...
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Sunday 24th August 2008
As we all get older our minds will at some stage come around to thoughts of leaving our wealth to children, friends and family. As hard as it may be it is vital that we all appreciate that we will pass away one day and it is never too soon to put your finances in order.
We have covered this subject on the site on a couple of occasions and the fact that the government have literally received millions of pounds from estates where either there was no will or surviving family. These are the hidden millions which are disappearing to the government, the same government which has been taxing you since the day you were born!
However, even the best laid plans in the world can come unstuck by the complicated tax situation in the UK which is stacked very much in favour of the authorities. This need not always be the case and by taking profession advice about your assets and your finances it should be possible to negate as much of the tax liability as possible, or at least keep a large chunk of it away from the government!
Professional advice is not cheap but then again neither is inheritance tax, a tax which can eat up a substantial amount of your assets on your death, and comes in at 40% above the nil rate band. |
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