you can use your pension pot to reduce or even avoid your Inheritance Tax?
If you are over 55 you can arrange your pension pot in a draw down arrangement. This lets you access part of your pension pot while keeping the rest of it invested.
If you die before age 75, the pension pot can be passed on free of tax. It used to be taxed at 55%.
If you die after aged 75, the recipient pays only the marginal rate of tax. So you could leave a pension pot for instance to a grandchild who draws down £11,500 per annum and therefore pays no tax.
So if you have an Inheritance Tax liability, it makes sense to use up your non-pension fund first which would be liable to inheritance tax and not your pension fund where there is no inheritance tax payable and – with careful planning – you can also avoid income tax.
This is a complex area but well worth getting advice.
So why not use our £99 scheme. For a token payment of £99 we will meet with you, investigate your financial circumstances, advice you whether you have an IHT liability, assess the amount of that liability and then prepare a generic report giving our recommendations on how to reduce or even avoid your inheritance tax.
You then decide whether to accept our recommendations or not.
So why not arrange a chat with one of our Consultants.
Home visits are available.