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Planning your legacy doesn't have to be taxing

At a quick glance it could be easy to dismiss inheritance tax (IHT) as something that doesn’t affect you or your family. If you delve a little deeper though, IHT could have a significant impact when it comes to leaving behind a strong inheritance for your loved ones. With over £5.1bn IHT being paid over the 2019/20 year, it's wise to have another look at the tax branded ‘uniquely unpopular’.

Having those important conversations

As it stands, the average UK IHT bill is a staggering £197,000. In some parts of the country, such as London and the South East, average inheritance tax bills are even higher.

These hefty bills have been heavily related to rising house prices in the UK across the last few decades.

In January 1985, the average house price for the UK stood at £27,823. However, over the years’ prices have soared and in January 2020 the average price of a house in the UK would cost you £232,929.

It’s therefore easy to see how someone’s total estate may be worth a lot more than it was thirty-five years ago and why more families are unaware they’ve been brought into the inheritance tax net in recent decades.

Typically, an inheritance tax bill has to be settled within six months of the date of the deceased’s death. After that point, interest may start to be charged on top.

The government is forecasting that annual inheritance tax revenue will continue to rise over the next few years – setting new record highs. It’s a problem that isn’t going away.

It’s quite a difficult subject to think about, but at some point, we all have to consider what would happen when we’re no longer around. When that time comes, you’ll no doubt want to leave your loved ones with an inheritance they can enjoy and spend on the important things they need in life. Especially as research shows lots of people are banking on receiving a big inheritance to support their long-term future.

With the potential of a tripwire or two when traversing the confusing land of IHT, having expert advice can help light the way. If you think you could be affected by IHT, one thing is certain – the sooner you act, the better placed you’ll be to reduce the long-term potential impact.

Please bear in mind that some IHT Planning solutions put your capital at risk so you may get back less than you invested. IHT thresholds depend on your individual circumstances and prevailing legislation, both may change in future.

Planning now can help protect you tomorrow

To help you consider your future financial plans, here at Mail Finance we’ve partnered with Skipton Building Society to offer you a new and free service. They’ve over 30 years’ experience in helping people plan a stronger legacy for their loved ones. And they would like to help you too.

THAt’s wHy SKIPtON ArE PrOuD tO OffEr yOu A FrEE fiNANCIAL fitNEss rEPOrt. SOMEtHING tHAt wILL HELP yOu LOOK At tHE BIG PICturE, AND sEE wHEtHEr yOu’rE ON trACK tO rEACH yOur fiNANCIAL GOALs. THE rEPOrt Is A CHANCE FOr yOu tO tHINK ABOut yOur OvErALL fiNANCEs AND HELP sEt yOursELF ON A CLEArEr PAtH tO rEACH yOur GOALs.

This could be a really important opportunity to take a look at your legacy plans.

Let's talk about you

It all starts with a conversation from the comfort of your home. Where you can talk to a member of Skipton’s friendly team about how you’re getting on with key areas of managing your finances.

At the end of the chat you'll receive your free report. It may uncover things you might want to consider, as a part of your long-term plans. The report is yours to keep and use however you like. Skipton will also send you a free, in-depth Insights guide to helping you with your finances. It’s packed with helpful information and tips on how to strengthen your plans.

To be clear, the Financial Fitness Report won’t include any personalised advice or recommendations. If you proceed to get advice, Skipton’s recommendations could involve placing your capital at risk, as the value of investments can fall as well as rise and you may get back less than you originally invest.

You won’t be asked to make any money decisions during the conversation. If Skipton believe they might be able to help you improve your plans they will explain how. For example, they might suggest a meeting with one of their financial advisers. But there is absolutely no pressure to do anything. That’s a promise.

Mark Butterworth, Head of Financial Advice Planning & Research at Skipton Building Society, states, “Our Financial Fitness Report is a chance for you to look at your finances and set yourself on a clearer path to reaching your goals. It’s a straightforward process that could help you make sense of your money.”

From the comfort of your own home

This service is available by speaking to someone on the phone. Or, better still, Skipton offers an award-winning video service, Skipton Link.

It’s really easy to use. All you need is a computer or tablet with access to the internet. Skipton will supply clear instructions to get you up and running.

Getting your free report might just be the start of something new. Get in touch today and let’s talk about your goals.