It is never to early for Inheritance tax planning
While only a decade ago the number of people caught by the government's inheritance tax system was tiny, it has really started to grow over the last ten years. We have seen the Inheritance Tax (IHT) allowance (the tranche of any estate which can be beneficiaries transferred tax free) slowly creep higher but often well below the rate of inflation.
This means that more and more people are not being caught in the IHT trap with asset over the allowance currently charged at 40%. People seem to forget that many homes in the UK would push any estate over the current IHT limit of £300,000 per person before taking savings, insurance, etc into account. So what can you do about it?
St. James's Place, the leading wealth management group, has produced a guide which explains the basis for the IHT system, the allowances, what tax you might expect to pay and ways to mitigate your future tax obligations within the boundaries of current regulations. This is not tax evasion of any kind this is professional tax planning for the future to make use of the current regulations available.
The vast majority of people who pay IHT have not planned for their future, they have not planned for their death and the assets they leave behind. Click here to make a start today and ensure you do not leave your beneficiaries with major tax issues.
Share this..
Related stories
Payday lenders face tighter regulations
03/10/2013 City regulator, the Financial Conduct Authority (FCA), has announced plans to tighten regulations around the payday loan industry. The FCA said it would be looking into a series of initiatives, including warnings about the danger of debt on adverts, limiting the amount of times the lender can action a continuous payment authority (CPA), limiting the number of loan rollovers, and f...
Read MoreBank of England awaiting news on quantitative easing
The Bank of England has this week reiterated the fact that while £125 billion of UK taxpayer's money has been pumped into the UK financial system there are as yet no signs of success. However, the MPC is of the opinion that an improvement in the short-term prospects of the UK economy has occurred directly as a consequence of the quantitative easing program although how much of an impact this has...
Read MoreBank of England move to quell substantial tax cuts
The Bank of England has today stepped into the argument regarding potential tax cuts in the UK. The board of the Bank of England are suggesting that if Gordon Brown is over ambitious on his tax cuts which are to be announced very soon then they would have to reconsider substantial interest rate cuts in the short to medium term. The banks seem very concerned about the potential impact over generous...
Read MorePay freezes to become the norm across the UK
In a move which would place more and more pressure on the UK population it has been announced that more than half of businesses in the country are looking to freeze employee's pay this year with a further 12% looking to instigate wage cuts. While this is an obvious response to what is one of the most difficult economic environments for many years, it does not assist the UK government in the pursui...
Read MoreWhy is London under attack from EU finance ministers?
Ever since the EU Parliament began to grab control from EU members there has been a concerted effort to reduce the influence and power held by London. With decades of tradition, the London financial markets have a significant standing on the worldwide stage and despite many attempts to weaken the situation in the past, the city remains defiant.
However, many people are concerned tha...