Inheritance Tax  

Guide to saving your clients IHT

  • Describe how to use gifts and trusts.
  • Identify how to value the estate.
  • List how to mitigate IHT through different financial solutions.
CPD
Approx.60min
Guide to saving your clients IHT

Introduction

Inheritance tax needs to be taken seriously, and not just by the wealthy. Even clients with modest means may fall into the IHT trap because of accumulated savings or simply due to the fact they live in a house which has risen in value way above the £325,000 IHT threshold.

Very few people like to think about their own or their partner's death, but this is a subject clients must address with good financial planning put in place, for any delays could mean families have to face a potentially large tax bill which otherwise could have been spared.

This guide to IHT is designed to provide an overview of the risks clients may face, and how to mitigate these through different financial solutions, such as putting money aside into trusts and making the most of government-backed tax-efficient financial planning products.

It will also outline probate, how to value one’s assets for IHT purposes, the importance of writing a will and the fine art of giving gifts.

After reading this, advisers should have more confidence in being able to broach the subject of financial preparation in the event of a client’s death, as well as more knowledge of the various measures that can be put in place to help clients mitigate IHT.

Contributors to this guide: Neil Jones, wealth management and tax specialist for Canada Life; Alison Beech, partner at Percy Hughes & Roberts Solicitors; Will Hale, chief executive of Key; Tracyann Kneen, head of product technical at Nucleus; Martin Pickles, technical adviser for the SimplyBiz Group; Sarah Saunders, personal tax manager for RSM UK; Scarlett Musson, business development director for APS Legal & Associates; Robert Clough, investment manager at Thesis Asset Management; Rhoda Copper, chartered tax adviser and council member of the Institute of Professional Willwriters; Scott Lothian, Investment Director and Head of Direct Equities at Brooks Macdonald; Rachael Griffin, tax and financial planning expert at Quilter; JPMorgan Asset Management; HM Revenue & Customs.

Simoney Kyriakou is currently on maternity leave

In this guide

CPD
Approx.60min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. What does Mr Jones say is a mistake to believe?

  2. Which of these is NOT deductible from the estate?

  3. When should clients make a will, according to Mr Clough?

  4. How much professional indemnity does Ms Musson say the will writer should have?

  5. Mr Pickles says it is prudent to make full use of what:

  6. What does Ms Saunders say gifts offer the recipient?

Nearly There…

You have successfully answered all the questions correctly, well done!

You should now know…

  • Describe how to use gifts and trusts.
  • Identify how to value the estate.
  • List how to mitigate IHT through different financial solutions.

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