We were recommended to W.T Wealth by our accountant as we were in the process of selling a second property which had resulted in large capital gains. In addition we wished to discuss our overall tax strategy including Inheritance Taxation as again we had a large IHT liability. However due to the nearing of the tax year, we had to deal with our financial affairs fairly swiftly in order to maximise tax allowances. We met with Sarah on a few occasions, all of which were arranged to suit ourselves and taking into consideration the period of time to take action and meet our needs. Along the way Sarah spoke with our accountant to understand and obtain our capital gains tax position so that she could provide her recommendations; this of course reduced our involvement and provided comfort that the professionals worked together for our benefit.
We arranged a tax incentive scheme that invested in smaller companies and in our case this was through renewable energy including solar parks. We received upfront tax relief of 30%, deferral of capital gains whilst the investment was held, Business property relief so that the holding was exempt after two years for inheritance tax purposes plus tax free growth.
We later met with Sarah and arranged further investments to mitigate inheritance tax planning by investing in smaller UK companies, the incentives are there to encourage growth in smaller companies and help the UK economy grow.
As highlighted by Sarah, Inheritance tax planning so often involves a wide range of solutions including using gift allowances, investment solutions, trusts and in our case use of a life policy arranged in trust. We had arranged a life policy but this was a term plan and had a few years to run which took us to our early 70’s and as Sarah pointed out, would not pay out unless we passed away before this time – we had no intention of doing that and therefore replaced our existing arrangements.
“We are very grateful for the advice and will continue to work with Sarah and the services of W.T Wealth to meet our changing financial planning needs.”