Apart from several modest exemptions, there are only two ways of mitigating the effects of Inheritance Tax*. The most simple is to give away capital during lifetime. You can also fund a scheme from income and capital with a view to covering the potential liability. Within these two options exist a range of more complex arrangements; lifetime settlements, exempt assets, use of business property relief, life assurances written under trust, discretionary will trusts, gift and loan trusts and discounted gift trusts.

However you plan you could potentially affect your own position and long term financial security. Giving capital away during lifetime essentially means that you lose control of the money. Similarly, if you fund a scheme from income this could involve a long term commitment and you therefore have to be able to afford this commitment without jeopardising your own position.

Recent changes in legislation have had a significant impact on planning in this area, therefore advice is essential and effective. Working closely with tax specialists from our parent, Bishop Fleming, a range of solutions can be advised upon.

Contact us about protecting your future.

*The FSA does not regulate some forms of Inheritance Tax Planning.