Posted on 10th Aug 2016 - Share this blog/article
Recent research by Prudential shows a growing number of families are seeking advice on how to avoid Inheritance Tax (‘IHT’) and secure their loved ones’ financial future. IHT receipts are forecast to hit a record high of £4.6bn in the 2015/16 tax year, according to figures from the Office of National Statistics – a rise of 21% on the previous year’s £3.8bn.
Whilst we appreciate that it can be an uncomfortable subject to consider, it is particularly important to review your financial position on a regular basis and to consider the impact IHT will have on your estate and your plans for your family in the event of your demise. The less IHT that is paid on the assets within your estate, the more assets are available to distribute in accordance with your wishes. Planning could also avoid the forced sale of assets to fund any IHT liability.
There are a wide range of options available; IHT planning can range from a review of wills, lifetime gifts of assets, use of trusts to retain control over family assets, considering tax efficient charitable giving through to the lifetime structuring of investments and business interests. It is however vital that any tax planning is considered in context with your wishes.
This is where we can assist. We can assess your potential exposure to IHT and highlight any planning opportunities which may be available which are in line with your overriding objectives. If you wish to explore any options you may have, please do not hesitate to contact us.