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"THE CHANCELLOR HAS CLAMPED DOWN ON INHERITANCE TAX PLANNING" OR HAS HE?
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It is true that recent changes in legislation have severely restricted the scope for avoiding this most punitive tax. With a prolonged bull market in equities and housing, an increasing number of individuals are finding themselves above the IHT threshold.
Methods of IHT mitigation via Potentially Exempt Transfers (PETs) are now effectively capped at £300,000 per individual which has squeezed both ends of the market. The wealthy have been hit hard whilst those of more modest means remain caught between the two stools of wishing to avoid IHT but not being in a position to gift assets which may be needed at some point in the future for additional income or long term care.
However, not all is lost!
Most individuals and advisers are oblivious to the exceptional tax reliefs that can be derived from the 1996 Finance Act concerning Business Property Relief.
With regard to IHT mitigation, the legislation effectively allows an investment portfolio of 'qualifying' companies to be established with the following benefits:-
- Unlimited investment
- Full exemption after just two years
- No loss of ownership or access
Additional benefits include:-
- Accelerated Capital Gains Tax relief
- Explosive growth potential
If you are concerned or confused about Inheritance Tax and are interested in exploring the above scheme further, please contact us
SHEPPARD DAVIES ASSET MANAGEMENT LTD
Agincourt House
Agincourt Square
Monmouth
NP25 3BT
Tel: 01600 711955
Fax: 01600 711956
Email: Contact us
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