Inheritance Tax Planning

Few taxes are quite as emotive – or as politicised – as Inheritance Tax (IHT). The structures into which you transfer your assets can have lasting consequences for you and your family. Historically, IHT planning used to be an activity confined to the very rich. However, growing affluence means that this is no longer the case. Even families and individuals with a relatively moderate level of wealth should consider planning ahead to ensure that their assets are passed on to their loved ones as efficiently as possible.

Effective estate planning is about getting the right balance between maintaining access to your money when you need it and saving tax. This is because, in general, the more tax-efficient a solution is, the less access you have to your assets. Safeguarding your own financial future is very important and giving too much away could put this at risk. 

The best way to avoid paying any IHT is to reduce your estate value to below the current £325,000 IHT threshold, but this is not practical for many people. With the introduction of the Main Resident Nil Rate Band providing certain conditions are met it gives you an additional allowance you can use to reduce your IHT liability. New changes to pension legislation could also offer a way around IHT, pension pots are exempt from IHT.

This is a very complex area of financial planning, and, despite all the options available, it may be difficult to avoid IHT on what is probably your most valuable asset. Here at Oakwood Financial Services we will work with you to put a plan in place to help mitigate IHT.

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Oakwood Financial Services is a trading style of Oakwood Financial Services 2015 Ltd which is authorised and regulated by the Financial Conduct Authority (Financial Services Register number 676461) Registered in England & Wales company number 09331666