KEEPING IT IN THE FAMILY
SIMON Kemp, 46, realised that he and his wife Sandra, 46, needed to do inheritance tax planning when the family was left with a huge tax bill after his father Anthony died four years ago.
Mr Kemp, who owns a computer software company, said: “My father’s estate wasn’t taken care of properly. We had to pay a significant amount in tax which could have been avoided if he’d had a properly drawn-up will. It was clear that we needed to put plans in place ourselves to mitigate IHT, so we asked Skipton Building Society to help as we already dealt with them for our investments.’
The Kemps have £500,000 tied up in their homes in Northampton and Spain alone. On their death their assets will go into trusts for their sons Robert, 20 and 17-year-old Timothy.
“We did have wills before but they didn’t have any financial planning in them,” Mr Kemp said.
“I felt extremely bitter when I realised we wouldn’t have had to pay such a huge tax bill if father had known about organising his estate properly. Part of it had already been taxed four times by the time we received it.”
He added: “IHT is a greedy tax. It’s not just.”