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Inheritance Tax Planning

Proper inheritance tax planning could save your family hundreds of thousands of pounds.

IHT

Not many people think about Inheritance Tax (IHT) in fact many people are not even aware that it exists. After all, it's not something that normally affects individuals whilst they are alive (unless they themselves receive an inheritance), and most of the people that are aware of it probably think that only old people or the really well off need to consider it.

But the fact is that this is not the case. 

Recent research by Scottish Widows found that almost 1 in 4 households in the UK have an estate valued at more than the new £312,000 threshold for death duty.

With the UK average house price now above the £157,326* mark (*Halifax House Price Index - March 2009), many more people have fallen into the Inheritance Tax bracket without even realising it. Both these and even the people that are aware of it, usually do not understand the impact that it could have on their beneficiaries. 

It now accounts for the greatest proportion of wasted tax in the UK**.

We all work hard to build up capital and we want to make sure that our loved ones get as much of it as possible, and not the Taxman...or do we, maybe Lord Jenkins got it right when he said:

"Inheritance Tax is a voluntary levy paid by those that distrust their

heirs more than they dislike the Inland Revenue""

The survey says it is the second most resented tax, but the reality is that we as a nation appear to be glad to let HMRC get a large proportion of our wealth.

We at Ashton Hoyle Independent Financial Advisers like to think that most people want to pass on as much wealth to their heirs, and nothing to the Taxman, whilst retaining as much flexibility as they can. We understand the importance of Inheritance Tax planning in order to ensure a brighter future for those left behind when you die.

With many solutions available, it is importance that you seek Independent Financial Advice, often in conjunction with an accountant and solicitor.

Whatever your financial advice requirements are, you can be assured that Ashton Hoyle are well positioned to provide an innovative answer and we look forward to speaking to you on any financial matter. Contact us now to see how we can help.