Inheritance Tax | Pension Transfers, Financial Advice Scotland

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Last updated by William at November 22, 2013.

Use Whole of Life Plans To Preserve Lump Sums and Create a Legacy

Today I share with you a considerably wise strategy that’s proving very popular, particularly with older clients. Specifically this is all about creating a legacy for either your children or grandchildren by taking out a Whole of Life Policy.

What Is a Whole Of Life Policy?

A Whole of Life policy is a life insurance policy which is paid for the whole term of a person’s life thus ensuring that a lump sum is definitely paid out on death. This contrasts with a term assurance policy which ends after a specific term. Whole of Life contracts can also have an investment element to them, unlike a term contract which is for protection only. They can be written in single lives or joint lives (first or second death) and can also be put into a trust which keeps them outside the estate for IHT purposes.

End of Tax Year Checklist

According to unbiased.co.uk British taxpayers will waste over £10bn in unnecessary tax in 2009. With the end of the tax year nigh, time is rapidly running out if you want to curb your tax bill and maximise allowances.

So what should you be doing if you want to take advantage of tax regulations and save a few bob?

Buy to Let and Inheritance Tax Investigation Alert

Hi everyone,

just a quick post but an important one. I’ve just put up a page exposing some crucial new Tax crackdowns now underway by the Inland Revenue. These are especially important if you own Buy to Let Property or have given or received any gifts within your family – Inheritance Tax is looming large indeed due to a recent new HMRC Tax offensive.

Oh, yes and if you’ve not decided on full offshore disclosure yet, well in light of what’s just happened in Lichtenstein with the German Spy incident there, then you would be wise to because the UK Tax authorities have just followed suit and bought the stolen records the Germans acquired too. Read about it at… Buy To Let and Inheritance Tax Blitz

See you next time, with hopefully some cheerier news!

New Inheritance Tax Bonanza or it’s official the election is off

It’s been quite a tumultuous time since the recent problems in the US subprime mortgage markets stirred up a hornet’s nest of reaction across international money markets. I’ll write more about that in another article but just now I want to comment on the ever increasing speculation as to whether Gordon Brown’s Labour government will call a general election before the winter.