Local Life - Wigan - April 2019

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62 Legal & Finance Inheritance Tax A Voluntary Tax? It was the late Lord Jenkins that said, “Inheritance Tax is a voluntary tax paid by people who distrust their beneficiaries more than they dislike the Inland Revenue”. Inheritance tax can cost loved ones hundreds of thousands in the event of your death, yet it’s possible to legally avoid huge swathes of it, or possibly pay none at all. If you are single or divorced, UK legislation allows the first £325,000 (2018/19 tax year) of your estate to be free from Inheritance Tax, whilst if you are married, or in a civil partnership or widowed, this amount could rise to £650,000. In addition to this, the residents nil rate band will enable the nil rate band to be uplifted further if you are living in your own property and will be passing your estate on to direct descendants. The main exemptions are; • Most transfers between spouses and civil partners • The first £3,000 of lifetime transfers in any tax year plus any unused balance from previous year • Gifts of up to but not exceeding £250 p.a. to any number of persons • Gifts in consideration of marriage or civil partnership of: up to £5,000 by a parent, up to £2,500 by a grandparent or great grandparent, or up to £1,000 by any other person • Gifts to charities, whether made during lifetime or on death. Making Gifts In most cases, any direct gift amount is a Potentially Exempt Transfer (PET), which means that you (the donor) need to live a further 7 years for the gift to fall outside your estate. If you don’t, the beneficiary may face a tax liability, which between year 3 and year 7 maybe reduced for each year you live. However, this relief only applies to the part of a gift which is in excess of the nil rate band (£325,000). Trusts This method allows for the placement of monies into a suitable investment which is then wrapped within a trust, of which you and other people of your choosing can be trustees. The monies remain in trust and all, or amounts of this, can be distributed when you choose. There are a wide variety of trust options available and therefore careful consideration needs to be given to ensure that the trust is suitable. Is it possible to get an immediate discount to IHT rather than wait for 7 years? Yes, there are trusts that enable the donor to have access to a regular, predetermined income for life. In addition to this - based on a number of factors - there are schemes which usually result in a saving in Inheritance Tax from the moment the monies are placed into the trust. Summary Inheritance Tax is quite a technical area and therefore before embarking on a course of action I would strongly recommend that you seek professional advice. We have advisers with advanced qualifications within the taxation and trusts arena who if need be will be more than happy to guide you. David Barton APFS Cert CII (MP) Managing Director & Chartered Financial Planner
63 In these uncertain times, it’s vital to protect your family’s financial future. Prosper Wealth Management are <strong>Wigan</strong>’s premier investment and pension specialists. Established in 2003, we now protect the interests of more than 500 local clients with total investments of over £155m. We were awarded the ‘gold standard’ Chartered Financial Planner status in 2012, and are still the only <strong>Wigan</strong> company with this prestigious accreditation. For trusted and independent investment and pension planning advice, call us today for a consultation. Wealth Preservation Investment Planning Retirement Planning Long-term Care Solutions The initial consultation is at our expense and is without obligation. 01257 423 800 Prosper Independent Financial Advisers Ltd. Prosper House, 99a High Street, Standish, WN6 0HD www.prosper-ifa.co.uk
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LocalLife Wigan Edition April 2019
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Local Life - Wigan - April 2019

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