Inheritance Tax

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.

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Pensions can play a significant role in estate planning under IHT legislation.

For example, pension death benefits are broadly exempt from IHT. However, under the circumstances of them being passed to your surviving spouse, then they will end up forming part of their estate. We can offer you solutions to prevent this from happening.

The information contained is based on our interpretation of the current law and HMRC practice, and may change in the future.

If you would like more information, please contact Wellesley on 01444 244 551 or via email at info@wellesleywa.co.uk

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Gifts

Making a gift of money or assets can be a valuable exemption from Inheritance Tax.

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ISA’s

An ISA can be used to save for anything, from short or long term saving to retirement planning, providing you with tax efficiency and flexibility.

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Junior ISA

JISAs (Junior Individual Savings Accounts) are a simple, flexible and tax-efficient way of saving for the younger generation.

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Later Life Planning

Our later life planning advice enables you to plan for IHT by providing monetary gifts to your loved ones and securing an income to help cover your long term care costs.

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Maximising your Pension

The generous tax reliefs allocated within pension arrangements means that they play an important role in tax planning.

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Offshore Investments

Offshore investments are often an attractive option to people where a parent has provided capital to a minor, or for those who can expect their marginal rate of tax to fall.

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The value of a pension will be directly related to performance of the funds selected, and will fall as well as rise. You may get back less than the amount invested.

The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax reliefs depends on individual circumstances.

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