According to 74% of people were not told about it !
Sunday, 17. July 2011
The starting point is the review ( or making!) of the family will. One of the most common myths of investments is the statement that Individual Savings Accounts (ISA’s) are tax efficient. They are very Income Tax and Capital Gains Tax efficient, but are totally ineffective as far as Inheritance Tax planning is concerned. Age and ill health would therefore make it unaffordable. The political impact on Inheritance Tax planning has also meant that action has been put on the back burner- but since the credit crunch will be felt for many years, any raising of the bar on IHT allowances seem now to be very optimistic. Many people start their Inheritance Tax planning process by taking out life assurance to cover any liability, but of course, this does depend on the costs involved, which are directly related to the assurability of the elderly client.