Your IHT planning toolkit
The first step is to understand how IHT planning could benefit your clients. Part of this is assessing what IHT liability your clients may already have and identifying new planning opportunities.
Inheritance Tax (IHT) planning is complicated and can feel like a minefield for investors and their families. Although the subject is daunting, more and more families are realising that IHT is a very real issue for them.
Viewed mainly as a tax that only the very wealthy would expect to pay, IHT is frequently misunderstood or ignored, and as a result, is affecting more families every year. For example, in the 2022/23 tax year, HMRC collected a staggering £7.1 billion in IHT receipts.* This means that IHT is affecting thousands of bereaved families who were unaware that their inheritance could be drastically reduced.
This is an area where financial advisers can add real value, using your expertise to help your clients navigate through this difficult and often emotive planning.
Important Information: the Inheritance Tax Planning Hub is designed for financial advisers, professional intermediaries and paraplanners. TIME is unable to provide investment or tax advice.
(*Source: ‘Inheritance tax statistics: Table 12.1 – analysis of receipts’, July 2023)
Your IHT planning toolkit
The first step is to understand how IHT planning could benefit your clients. Part of this is assessing what IHT liability your clients may already have and identifying new planning opportunities.
A deep dive into BR
With an increasing number of providers offering Business Relief (BR) services, the next step is to learn how to thoroughly research them to find the most appropriate solution for your clients.
Independent validation
Finally, once you have narrowed your search down to the most suitable providers, it is important to look to specialist research houses and see what reports are available to provide third party independent verification.
