INHERITANCE TAX:
THE NEED FOR ADVICE
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MANY sections of the media have reported that the
Government has doubled the Inheritance Tax (IHT)
threshold for married couples by increasing the limit.
However, the reality is somewhat different.
What the Government has done is make it possible for
spouses and registered civil partners to transfer their
unused nil-rate band, currently £312,000, to the surviving ...you
spouse or civil partner. This means that for some couples,
but by no means all, it will now be better not to use the nil
rate band on first death, as two nil rate bands (currently
£624,000) will be available at the second death.
Essentially, the Government has simply given people
what they are entitled to, and contrary to some
interpretations it is not a doubling of the allowances.
People will still require advice, particularly in the
important aspect of lifetime planning in key areas such as
gifting. esser?
The important thing is to make sure, perfectly legally,
that as much of your estate as possible stays out of the
taxman’s grasp – and that can be done by seeking dr
specialist, professional advice and careful planning.
Careful IHT planning is all about passing as much of the consider
proceeds of an estate as possible to chosen beneficiaries
rather than Her Majesty’s Revenue and Customs (HMRC).
It is also about maintaining flexibility and control over any your options...hair
arrangements that are made.
So what could you do about IHT? There are three
principal courses of action: Largest Professional Hair Piece &
● Draw up a will and ensure it is written and planned Wig Supplier in South Wales
correctly to save the maximum amount of tax.
●Transfer assets through the prudent use of lifetime gifts.
●Create an IHT efficient fund to enable beneficiaries of Hair Miles Loyalty Scheme
an estate to meet the tax liability without disturbing family
wealth. your Experts in Hair Colouring
In the 2007/2008 financial year, the Government expects
to take in excess of £3.9billion in revenue from IHT.* Most Internationally Trained Stylists Team
people would prefer their wealth to pass to their families,
so it is better to do something sooner rather than later to Complimentary Fair Trade Coffe Bar
ensure your heirs don’t have to face an unnecessarily large
IHT bill when you die. with
You can’t take it with you, but you can at least make sure Hair Accessories & Jewellery
the Chancellor does not take a greater share of your
family’s wealth than he has to. FREE Parking
Managing wealth is a complicated business — it requires
time, effort and knowledge that we often don’t have at our
disposal. To adopt the best strategies, there is no substitute go on be
for obtaining the professional advice of a specialist wealth
management expert. selfish!
St James’ Place Wealth Management has produced a Guide to happy
Inheritance Tax. To receive your free copy, please contact your
local Pembrokeshire based St. James’s Place Wealth Manager
Mark Burch on 01437 766396 or e-mail:
Mark.burch@sjpp.co.uk.
* Sources: Her Majesty’s Revenue and Customs and Halifax
Press Release October 2007. you
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Snowdrop Lane, HaverfordwestAr
Tel: 01437 776706
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