DON’T PLAY WITH YOUR FAMILY’S INHERITANCE

It is often quoted that there are two certainties in life – death and taxes, and they combine in the form of inheritance tax. Spiralling house prices over the last few years means that many people who previously thought that inheritance tax was not an issue, may now be liable. In fact, over 1.6 million people in the UK are now within reach of the threshold, and in 2004 alone, the Inland Revenue raised £2.6 billion from it.

However, there are ways that you can minimise your inheritance tax liability, according to three specialists from professional advisors Broomfield & Alexander, Harding Evans Solicitors and independent financial advisors, Carrwood Barker Wales, who are hosting a free seminar on how to reduce the burden on Tuesday 11 October at the Celtic Manor Resort, Newport.

Speaking on behalf of Broomfield & Alexander’s Tax Consultancy Services team will be tax specialist Peter Griffiths, who has worked with many clients to help them reduce their inheritance tax bills. “Inheritance tax used to be a problem reserved for the very wealthy, but as house prices have boomed, more and more people have been pushed into its clutches,” he said. “But careful planning can allow you to keep more of your wealth in your family, rather than having to pay it to the Inland Revenue. A married couple, for example, that plan effectively could save up to £110,000 – that’s no small sum.”

Elin Phillips from Harding Evans Solicitors will be giving the legal aspect on how best to minimise the inheritance tax you pay. She said: “When a loved one dies there is already enough to think about and expenses to pay without having to worry about a large inheritance tax bill. Ensuring that your family isn’t burdened by this tax, which at 40 per cent can be a real sting in the tail, is something that people need to start planning for as soon as possible. This seminar will help people get the advice they need to start those plans and make sure it is not their loved ones who are fattening the taxman’s pockets.”

Independent financial advisor Mark Dallas of Carrwood Barker Wales will be on hand to review the many products available to reduce an individual’s inheritance tax bill, from discounted gifts to insurance policies.

The nilrate inheritance tax band currently stands at £275,000 and any assets over that value will be liable to 40 per cent tax. Whilst the Inheritance Tax nilrate was recently raised by just 14 per cent, the average house price in Wales has risen by 91 per cent in just three years and currently stands at £144,023. Welsh house prices continue to grow at twice the national average.

To book your place at the free seminar, please call Jane Beer at Broomfield & Alexander on 029 20 549 939 or email her at marketing@broomfield.co.uk

Further information about how to minimise the inheritance tax liability, visit the Broomfield & Alexander web site – www.broomfield.co.uk