You may not be aware, but Inheritance Tax (IHT) has a broad reach. Without careful planning, HM Revenues & Customs could become the biggest beneficiary of your estate, having a potentially ruinous impact.
The first £325,000 of an individual’s estate is taxed at 0% and therefore not liable for IHT. For married couples and civil partners, where the full allowance has been passed to their surviving spouse, the first £650,000 is taxed at 0% and anything exceeding this is taxed at 40%.
In order to prevent this from happening, there are a number of steps that we can help you take:
Making sure your Will is planned and written correctly
Through the use of lifetime gifts, you are able to transfer your assets
A tax-efficient fund can be created in order for your beneficiaries to meet tax liabilities and avoid eroding your wealth
The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
Wills are not regulated by the Financial Conduct Authority and advice relating to them involves a service that is separate and distinct from those offered by St. James’s Place.