How can you plan your financial affairs to ensure your wealth ends up in your family’s hands and not in No 11 Downing Street?
Many people don’t consider themselves rich and therefore are surprised to find out that inheritance tax is something they need to worry about. However, widespread home ownership with ever increasing property prices has brought more and more people into the inheritance tax trap.
Inheritance tax is a complex area, but the problem is quite simple: once your estate reaches a certain size (£300,000 in 2007/08) the Chancellor starts to take a percentage, currently 40% of the excess over £300k. So, you could leave your loved ones with a problem when you die, a problem of how to pay the tax bill. Often this will mean selling assets.
It is no coincidence that commentators have referred to inheritance tax as a ‘voluntary tax’ or a ‘tax on the unprepared’. This is because with expert advice and careful planning you can avoid inheritance tax. At Manson Financial Services we can offer you a number of elegant solutions that, on their own or in combination, can keep the taxman at bay.
When you have worked hard and paid your taxes all your life, why leave the Treasury some more when you die? If you think you may have an IHT problem don’t ignore it, contact us now.