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20 Retirement Planning


FINANCIAL SERVICES DISTRIBUTED WITH Plan your inheritance tax strategy now


Tax receipts suggest that the Treasury is on course to take £5.5bn in inheritance tax this year. We put five questions to Jim Sawer, private client partner at Kingsley Napley solicitors


When do I have to pay inheritance tax? Inheritance tax is essentially a death duty, paid out of your estate when you die. Any gifts made within seven years of death will also be taxed retrospectively at a proportion of the full rate, depending by how long you survive the gift. A lot of people don’t appreciate that it’s the person to whom the gift is made who’s primarily liable for the tax, not your estate. Lifetime gifts into a trust are


immediately chargeable to tax (at half the full rate) when they’re made. On death within seven years, further tax may retrospectively prove payable.


What exactly do I have to pay inheritance tax on? Does it cover properties and savings? Inheritance tax is payable on your ‘chargeable estate’; your total assets — any property you own, any savings you may have, anything you own of any value — less liabilities.


And what’s exempt? Tere are certain assets are exempt from tax, and these include


JIM SAWYER


business, as well as those related to agriculture. Quite a few wealthy people


invest in a farm and become ‘gentleman farmers’ for tax reasons. Equally, shares in a family business are tax-free. Certain types of investment also qualify as ‘business assets’ that can be left tax-free provided they’ve been owned for at least two years. Aside from that, gifts in your


will to your wife, husband or civil partner are exempt from inheritance tax, as are gifts to charity. If you die leaving everything to your wife or husband, no tax is payable — this is known as the ‘spouse exemption’ rule. In turn, when he or she dies, leaving everything to your children, the first £650k should be tax-free, with the remainder taxed at the top rate of 40%. Where the estate contains a


home and it’s left to children, grandchildren or their spouses, there’s an additional ‘residential nil rate band’ worth a maximum of £200k. Tat amount reduces if the value of the overall estate exceeds £2m.


Continued on the bottom of page 22


Unlock the value of your home with OneFamily lifetime mortgage advice


Money seems to be tighter for modern families and pensions are often too small to live off. Tat’s why more and more people are taking out lifetime mortgages


If you’re over 55, a lifetime mort- gage could help you to release equity from your home in a cash lump sum, which you can spend however you please. How much you can borrow depends primarily on your age, the value of your property and the equity that’s available. A lifetime mortgage allows you


to continue to own and live in your own home, while releasing some of the money tied up in it. Tere are no restrictions on how you use the money — you could: • Make home improvements • Take a trip of a lifetime • Help your loved ones out • Pay off your debts or an inter- est-only mortgage


• Te choice is yours…


It’s worth bearing in mind, though, that a lifetime mortgage will reduce the value of your estate and may affect your entitlement to means- tested state benefits.


Why you need advice Regulations around lifetime mort- gages mean that you can only get a lifetime mortgage through a specialist regulated lifetime mort- gage adviser like OneFamily, who’ll


check your eligibility and guide you through all your options.


Why choose OneFamily Advice? — Impartial and expert advice OneFamily offers a whole market advice service, from lifetime mort- gage advisers who are qualified, experienced and impartial. Te company’s advisers are salaried and not working on commission. Tey’ll get to know you and your circum- stances, and help guide you through the process.


OneFamily's friendly team of


advisers are ready to help, so call for a free


initial consultation or to request a brochure?


Call OneFamily on 0800 144 8234*


— Bring your family on board OneFamily believes we’re stronger when we make decisions together. Tat’s why the company makes it easy for you to involve your family or a trusted friend in the discussion, even if they don’t live nearby, with five-way video conferencing.


Find out more about OneFamily


— One simple advice fee No matter the size of the loan, OneFamily charges a simple fixed fee of £500 for its advice. Other providers often charge a percentage of the loan. And as the loan increases — so does their fee — even though the advice process remains the same.


lifetime mortgage advice by visiting onefamily.com/advice


*Open Monday to Friday 9am to 5pm. Calls may be recorded and monitored for training purposes. Calls to freephone numbers are free from UK landlines and personal mobile phones. With business mobiles, the cost will depend on your phone provider. OneFamily Advice is the trading name of OneFamily Advice Limited. OneFamily Advice Limited is registered in England and Wales at 16-17 West Street, Brighton BN1 2RL, registered number 09188369 and is authorised and regulated by the Financial Conduct Authority.


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