The Daily Telegraph - Your Money - - Inheritance Tax -

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.”

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