Escaping the dreaded inheritance tax can be a worry but where your estate (everything you own) is worth more than £1million a tax bill of 40% can be even worse! Many clients come to us as they want to escape this easily avoided tax but still require access to their money! According to research by Octopus investments, most people don’t plan for IHT due to fear of “locking away money when it might be needed”. So what can be done?
This is where BPR or Business Property Relief can be used. Basically, you need an investment that qualifies for BPR and where it does, after death it can be passed on free of IHT to your family when you held the investment for at-least 2 years! Therefore, a BPR qualifying investment can be a good start. If you want to cash it in (during your lifetime) you also can – easy!
Obviously, any investment is not without risks so personalised advice from your local experts will always be needed! Get in touch to build your Financial Fortress today!