Our Independent Financial Advisers can recommend the most tax-efficient ways to plan your finances. Our advice will take into account your situation and will cover tax issues such as:
- Tax relief on pension savings
- Capital Gains Tax on investments
- The best way to manage Inheritance Tax
- Other tax efficient options including ISAs
You’re allowed to make a number of small gifts each year which, when managed correctly, help reduces the value of your estate. If you make larger gifts, known as Potentially Exempt Transfers, you could have to pay Inheritance Tax on their value if you die within seven years.
A professionally drawn Will is the foundation of Inheritance Tax planning. If a person dies without their Will in place their spouse or partner could eventually receive most of the estate, but not all of it; which may result in your loved ones not benefiting from your estate as you wished.
Setting up Trusts can be flexible and a tax effective way to provide for your loved ones. When looking to ensure they receive a pay-out as soon as possible, a Trust could be worth considering. Moving part of your wealth into a Trust can help reduce Inheritance Tax.
If you don’t want to give away your assets while you’re still alive you may want to consider taking out a life insurance policy to pay part or all of a potential Inheritance Tax bill.
Leaving a contribution of your estate to charity can reduce your Inheritance Tax. It means that the donation wouldn’t count towards the total taxable value of your estate.