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Why inheritance tax planning is essential?

Friday 15 April, 2016

Our Estate Planning Seminar

The Lonsdale Estate Planning Seminar held in North London on April 13th was appropriately timed given the newspaper headlines on inheritance tax following the announcement of David Cameron’s financial affairs.  The seminar was really well attended, over 34 guests enjoyed the Estate Planning presentation and lunch at Hadley Wood Golf Club hosted by the Lonsdale Services Barnet team.

Simon Prestcote, Chartered Wealth Manager, Barnet said:

‘Feedback from the seminar suggest guests found our presentation useful and it helped them understand the new estate planning rules.  We organised the seminar in response to client feedback.  When we met clients we realised that not everyone understands the inheritance tax rules or how they will change next year; some people are also not aware how to eliminate or reduce their inheritance tax liability.’

Feedback from Lonsdale Services clients

The feedback from Lonsdale clients is also supported from a February 2016 research survey by Octopus Investments that concluded: 

  • Only 14% of people surveyed knew that the current inheritance tax-free allowance for individuals was £325,000, and for larger estates the remainder would be taxed at 40%.
  • Only 22% of the survey had considered estate planning, or believed they would be affected by inheritance tax rules.
  • Only 8% surveyed knew that an Individual Savings Account (ISA) would be included as part of a person’s taxable estate and subject to inheritance tax.

HM Revenue & Customs announced a record take for inheritance tax in 2015, and receipts are forecast to increase in future despite the new introduction of the £175,000 per person main residence allowance, which applies to estates that include a family home and will be introduced over the next few years.

Simon Prestcote said: ‘Many people could find they have a potential inheritance tax liability, especially if they live in London and the South East where house prices are rising at a faster rate than the supplemental allowance permits.  Our advice is to speak to a financial adviser now, to find out if you will be affected and save your family from having to pay an unnecessary tax bill.  For more information read Allan Ross's Estate Planning article - How Effective is your Inhertitance Tax planning?, or call our Barnet team on 0208 275 1160’.

Please note the Financial Conduct Authority does not regulate Estate Planning.

Lonsdale Services operate offices in the following locations, supporting a variety of wealth management & employee benefit clients with their financial planning:

St Albans – Financial Advisers: Simon Hawker, Richard Porter, Steve Cook, Simon Armstrong, Mark Bowen.
Barnet – Financial Advisers: Simon Prestcote, Ray McHugh, Daniel Stansall 
Harpenden – Financial Adviser: Mark Slobom. 
Leeds – Financial Adviser – Deb Nolan.
Stafford – Financial Adviser: Neil Homer
Ware – Financial Adviser: Allan Ross

Simon Prestcote, Financial Adviser Barnet, North London

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