North West Financial Solutions

Tel: 07969 123741

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Specialist Planning

Inheritance Tax Planning

Inheritance tax payments to HM Revenue and Customs are likely to increase in the years ahead. This is partly due to the increase in property prices in past years, making more people’s estates liable to inheritance tax.

In essence unless you leave your possessions to your spouse, if your assets (including home, car, savings etc.) total over £325,000 (the threshold for 2009/2010) then there will be inheritance tax to pay.

Currently, the inheritance tax rate is 40%. Whilst that’s the bad news, there is some good news – careful planning can help you to ensure that HM Revenue and Customs get their hands on as little of your money as possible.

There are a number of ways Eden’s Independent Advisers can help you plan for IHT and minimize your potential liability.

Different rules apply to business assets and it is possible that the various reliefs available could reduce the value of a business asset by up to 100%. So, if you run your own company, when considering IHT you need to speak to an adviser who can help you plan for your business as well.

There are inevitably complex laws involved. In order to plan for inheritance tax, professional specialist advice is highly recommended. Eden can provide the impartial analysis you need.

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Long Term Care Plans

People are living longer, unfortunately longer doesn’t mean healthier. The cost of personal care in later life is considerable and the state only provides limited support. Long term care plans can cater for this need.

Annuities

Annuities are the financial vehicles that provide income in retirement. You purchase an annuity using the accumulated funds of your pension plans. The annuity provider, which doesn’t have to be the company with whom your pension was invested; supplies a pension for life in exchange for your pension fund. There are many providers and options available and pensions legislation relating to what people can and can’t do is complex. The purchase of your annuity is fundamental to retirement planning and specialist advice is strongly recommended.

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*References to taxation are based on our current understanding of the UK tax regime which is subject to change.  
  

 

 

 

 

 

 

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Currently, the inheritance tax rate is 40%
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Professional specialist advice is strongly recommended
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North West Financial Solutions is an introducer to Eden Personal Financial Planning Limited. Eden Personal Financial Planning Ltd is an appointed representative of The Whitechurch Network Ltd which is authorised and regulated by the Financial Services Authority (FSA) and is entered in the FSA register at www.fsa.gov.uk (Register number 501529).

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