Inheritance Tax
There are legitimate plans and trusts that can be used to reduce the impact of Inheritance Tax on your estate.
Inverness: 01463 419 137Glasgow: 0141 440 7433
There are legitimate plans and trusts that can be used to reduce the impact of Inheritance Tax on your estate. The use of trusts have been successful in Scotland for a number of generations and continue to be a useful tool in ensuring that assets can be passed to your chosen beneficiaries.
Inheritance Tax* is levied against any assets you may want to leave to your beneficiaries over and above the Nil Rate Band threshold. At present the threshold is £325,000 for 2021/22 tax year. The existing £325,000 nil-rate band will remain frozen until at least the end of 2025/26. The effective rate of tax is potentially 40% for any assets you may have over this level. Without the correct planning it can mean a large reduction in the value of assets being passed on to future generations.
Estate planning is a complex area that needs to be dealt with carefully. The legislation involved in maintaining Inheritance Tax is ever changing and can also be applied retrospectively. Clearly it is important to receive advice on a regular basis to ensure that you are making use of the potential exemptions or allowances that are available to you and your family
* Tax planning is not regulated by the Financial Conduct Authority.
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Ross was positive and encouraging. He kept the ‘plan’ simple recognising my needs. He gave me enough information and options to make an informed choice without bamboozling me with jargon. With Ross’s advice and careful management of my money I am still travelling and am confident I will be able to do so for many years to come.
Sally M, Avoch - October 2019
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Ross takes the mess out of application forms and leaves us to get on with decision making without worry that we have made simple errors in those applications. He ensures that we consider only appropriate products, and he understands the complexities of our diversified income streams and fluctuating incomes prevalent in our self-employment positions.
Stephen M, Muir of Ord - October 2019
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AIRP helped explained the various risk levels to consider and the options available regarding Annuities and Drawdown Pension etc. To date I am pleased with the returns achieved taking into consideration the current climate with regards uncertainty over Brexit etc
Derek M, Inverness - October 2019
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AIRP reviewed my financial status and recommended consolidating several of my pension pots into a flexi-access drawdown plan, which dovetailed into my other pension strategies. I have now retired, and have a flexi-access drawdown plan which gives me a tax efficient salary, which fits in with my other savings and pensions plans.
Raymond M, Inverness - October 2019
