“In this world nothing can be said to be certain, except death and taxes”,
Benjamin Franklin 1789.
According to the Annual Tax Action Report (2012) produced by www.unbiased.co.uk, Britons could save as much as £448m in Inheritance Tax by placing Life Insurance Policies “under trust.”
Remarkably the report claims almost nine out of ten Brits have taken no action in the last 12 months to reduce the amount of IHT their estate could be liable for. Many possibly don’t consider it, or potentially don’t believe it will affect them. It can be surprising to learn that the threshold is not as high as you might think, when you include all your valuable assets, property, jewellery, your car etc.
IHT is payable on death where the deceased’s estate is valued at more than £325,000, except where there is a surviving spouse/civil partner, in which case the estate passes to them without IHT being due.
At Bridge Investments Partners we are here to help. I have added a new PDF on Inheritance Tax for your information, you will find it on the Advice For Individuals page – it gives you advice on how you might reduce the inheritance tax that may be payable on your estate. Through careful planning you can significantly increase the amount your family and loved ones receive and at Bridge Investments Partners we are here to help.
These links may be useful: www.moneyadviceservice.org.uk and www.direct.gov.uk
Twitter users: Martin Lewis of MoneySavingExpert tweets general advice and also answers some personal finance questions- @MartinSLewis and @Moneysavingexpert
The Which? Money team (@WhichMoney) tweet smart money guides.