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Inheritance tax can significantly reduce the wealth passed on to beneficiaries, making it crucial to explore methods to protect assets. One effective strategy involves the use of trusts in estate planning. Trusts not only help manage and protect assets but also offer valuable opportunities to mitigate inheritance tax liability. Understanding the different types of trusts and their specific benefits is essential for anyone looking to preserve their estate for future generations.

There are several types of trusts, each with unique characteristics and tax implications. For instance, discretionary trusts allow trustees to determine how to distribute income and capital, which can offer flexibility and tax advantages. Specific conditions met by putting assets into a trust can ensure they no longer belong to the original owner, effectively reducing the estate's taxable value.

Incorporating trusts strategically within an estate plan provides a robust mechanism for lowering the inheritance tax burden. Different trusts such as Bare Trusts, Discretionary Trusts, and Interest in Possession Trusts offer tailored solutions to fit varying needs. By understanding and leveraging these trusts, one can safeguard wealth and provide for beneficiaries more effectively, making a real difference in the financial legacy left behind.

Key Takeaways

Understanding Trusts and Their Types

Trusts play a crucial role in inheritance tax planning, offering benefits like control over asset distribution and potential tax advantages. This section breaks down how trusts work, explores various types, and defines key roles involved.

The Concept of Trusts

A trust is a legal arrangement where a settlor places assets under the control of trustees for the benefit of beneficiaries. The settlor creates the trust through a trust deed, outlining the terms and conditions. Trusts provide asset protection, flexibility in distribution, and can offer potential tax benefits, making them a valuable tool in estate planning.

Trusts can hold a variety of assets, including property, investments, and cash. The legal framework ensures that the assets are managed according to the settlor's wishes, even after their death.

Different Types of Trusts

There are several types of trusts, each serving different estate planning needs:

  1. Discretionary Trusts: Trustees have full discretion over the distribution of assets to beneficiaries.
  2. Bare Trusts: The beneficiary has an immediate and absolute right to the assets.
  3. Interest in Possession Trusts: Beneficiaries have the right to income from the trust, but not the capital.
  4. Life Interest Trusts: Similar to interest in possession trusts, allowing beneficiaries income or usage rights while preserving the capital for future beneficiaries.
  5. Loan Trusts: Allow the settlor to loan capital to the trust, with the growth of the capital benefiting beneficiaries.
  6. Discounted Gift Trusts: Offer income to the settlor while allowing the remaining capital to be passed on to beneficiaries.
  7. 18 to 25 Trusts: Specific to young beneficiaries, permitting asset distribution at various ages between 18 and 25.

Each trust type offers unique benefits, tailored to specific estate planning needs and tax optimisation strategies.

Key Roles: Settlors, Trustees, and Beneficiaries

Settlors: The individual who creates the trust and transfers assets into it. They set the terms and conditions through a trust deed.

Trustees: Individuals or entities responsible for managing the trust assets. They must act in the best interest of the beneficiaries and according to the trust deed.

Beneficiaries: Those who benefit from the trust. They may receive income, capital, or other benefits depending on the trust type and terms outlined by the settlor.

Clearly defining and understanding these roles ensures the trust operates effectively and aligns with the settlor's intentions.

How Trusts Can Mitigate Inheritance Tax Liability

Trusts can play a crucial role in mitigating inheritance tax liability through strategic asset transfers and effective use of exemptions. Here, the essential aspects of using trusts for inheritance tax reduction are explored in detail.

Basics of Inheritance Tax

Inheritance tax (IHT) is levied on the estate of a deceased person. The current nil rate band for IHT is £325,000, meaning only the value of the estate above this threshold is taxed. The standard IHT rate is 40%. Certain exemptions, like gifts to charities, can help reduce the tax burden.

Use of Trusts in Inheritance Tax Reduction

Trusts can reduce IHT by removing assets from an individual's estate. For instance, assets in some trusts are outside of your estate for IHT purposes after seven years. Trusts can also enable retention of asset control, providing flexibility in estate planning.

Additionally, there are types of trusts, such as bare trusts, where the beneficiary gains full control at a specified age. This can facilitate strategic tax planning, enabling use of the annual exemption to make regular, smaller gifts to minimise IHT.

Transfer of Assets into Trusts

Transferring assets into trusts requires careful planning and advice from financial experts. For efficient tax reduction, assets need to be revalued every ten years, and a 6% IHT charge is applied to the assets in trust, minus the nil rate band. If assets are removed or the trust is closed, there might be up to a 6% exit charge.

By adhering to conditions such as the seven-year rule, individuals can ensure that the assets in trust no longer belong to them. This significantly reduces the taxable value of their estate, potentially saving substantial amounts in IHT. Trusts also offer flexibility in managing investments and insurance bonds as part of estate planning.

Taxation of Trusts: Understanding the Implications

Trusts have specific tax implications that can impact how they are managed and the benefits they provide. This includes how income and capital gains taxes apply to trusts, as well as the levy charges at certain intervals and events.

Income Tax and Capital Gains Tax on Trusts

Income generated by trust funds is subject to income tax. The trustee is responsible for managing this tax, which varies depending on the type of trust.

For example, discretionary trusts are taxed at 45% on most income. Trusts where the beneficiary has an interest in possession are subject to 20% for basic rate taxpayers. Capital gains tax (CGT) also applies to trusts. Trustees get a lower annual CGT exemption than individuals, and gains above this amount are taxed at 28% for residential property and 20% for other assets.

10-Year Anniversary and Exit Charges

Trusts face specific inheritance tax (IHT) charges at certain intervals. One notable instance is the 10-year anniversary charge.

This levy applies every decade, with trusts being re-valued and charged 6% on the excess value over the nil-rate band (£325,000 as of current regulations). Additionally, there are exit charges when assets are removed or the trust is closed. Exit charges can also reach up to 6% of the asset value. These charges ensure that substantial assets held in trusts remain subject to tax scrutiny and compliance.

Managing Trusts for Tax Efficiency

Effective trust management involves strategic planning to minimise tax liabilities. Trustees can achieve tax efficiency by taking advantage of allowanced and careful timing of distributions.

Professional advice is often recommended, as the rules governing trust taxation are complex and continually evolving. Trustees must stay informed about reporting requirements, such as submitting IHT100 forms for chargeable events. Proper documentation and timely filing help ensure compliance and optimise the trust's tax position.

Trustees must stay aware of these key aspects to navigate the intricacies of trust taxation successfully.

Strategic Use of Trusts in Estate Planning

Using trusts strategically in estate planning can provide control over asset distribution, reduce inheritance tax (IHT), and offer peace of mind for beneficiaries. This can involve maximising the nil rate bands, designing the estate effectively, and ensuring legal compliance.

Maximising the Nil Rate Bands

By leveraging nil rate bands and residence nil rate bands, one can significantly reduce the IHT liabilities. The standard nil rate band has been frozen at £325,000 since 2009, and any amount above this threshold is subject to a 40% tax by HMRC. Using trusts such as the nil rate band discretionary trust can separate this amount from the estate upon death, allowing beneficiaries to benefit without the hefty tax.

The residence nil rate band further offers an additional allowance if the main residence is passed to direct descendants.

Effective use of these bands requires careful consideration of marital status. For instance, property passed to spouses or civil partners typically incurs no IHT, and combining allowances can be advantageous.

Designing Your Estate with Trusts

When planning an estate, trusts can offer a versatile solution. Trusts can control how and when beneficiaries receive assets, ensuring long-term management and protection. A life interest trust, for example, allows trustees to manage the assets for the lifetime of a beneficiary, such as a spouse, with the remaining asset going to children after the spouse's death.

Another design involves the transitional serial interest trust, which is useful for assets excluded from IHT calculations. Gifting assets into these trusts at least seven years before death can further reduce tax liability.

Trusts can hold a variety of assets, from property to investments, providing flexibility. When designing trusts, it is crucial to work with authorised professionals to navigate complex rules and avoid pitfalls that could invalidate the trust or lead to unexpected tax consequences.

Legal Considerations and Compliance

Properly establishing and maintaining trusts requires adherence to specific legal guidelines. Trustees have a fiduciary duty to manage the trust in the best interest of beneficiaries and must comply with relevant laws and HMRC regulations.

Ongoing reporting and periodic charges, such as the 10-yearly anniversary charge, must be managed. Trustees should also understand the implications of excluded property trusts and ensure they meet criteria to avoid unintended IHT liabilities.

Legal advice is indispensable to ensure that trusts are set up correctly. Wills and probate processes must be handled meticulously to ensure assets are distributed according to the deceased’s wishes, providing peace of mind to both the settlor and the beneficiaries.

This professional guidance ensures compliance with legal requirements and efficient management of the estate, maximising benefits and reducing risks.

Frequently Asked Questions

Trusts can play an essential role in estate planning, specifically in mitigating inheritance tax liability. Understanding the intricacies of trusts, their benefits, and potential drawbacks is crucial for effective estate management.

How can one utilise a trust to mitigate inheritance tax liability in the UK?

Trusts offer a way to keep control over assets while potentially reducing inheritance tax. By placing assets in a discretionary trust, individuals may avoid the 40% tax rate on estates exceeding £325,000. This method can ensure long-term asset protection and provide financial benefits.

What are the potential advantages and disadvantages of placing property into a trust for estate planning purposes?

Advantages include asset protection, controlled distribution of assets, and potential tax savings. Disadvantages involve initial setup costs, ongoing administration fees, and the complexity of managing the trust.

Under what conditions does the seven-year rule affect trusts in context of inheritance tax?

The seven-year rule affects lifetime gifts to trusts. If the settlor survives for seven years after transferring assets into the trust, those assets may be exempt from inheritance tax. Otherwise, they could be taxed along with the estate.

What are the tax implications when transferring property into a trust in the United Kingdom?

Transferring property into a trust can trigger a 20% inheritance tax if the value exceeds the nil-rate band. Additionally, capital gains tax may be due if the property's value has increased since its original acquisition.

In the UK, who is responsible for paying inheritance tax on assets held in a life interest trust?

In a life interest trust, the beneficiary who has the right to the trust’s income during their lifetime is usually responsible for paying the inheritance tax on the value of the assets in the trust.

What constitutes the main error parents make when establishing a trust fund for their children in the UK?

A common error is failing to seek professional advice, leading to improperly structured trusts. This can result in unexpected tax liabilities and complications in accessing and managing the assets contained within the trust.

Need professional, regulated, and independent guidance on your pensions? Assured Private Wealth is here to assist. Contact us today to talk about your pension planning or to get advice on inheritance tax and estate planning.

Navigating the inheritance tax implications of passing on the family home can be complex, but it's crucial for estate planning. If you pass your home to your spouse or civil partner, there is no inheritance tax liability, making this a favourable option for many. However, leaving the property to children or other relatives involves different considerations.

For estates exceeding the nil-rate band, currently set at £325,000 for the 2024/25 tax year, inheritance tax is generally applied at a rate of 40%. Notably, if you leave your home to your children or grandchildren, your inheritance tax allowance can increase significantly. Utilizing these tax allowances effectively can help reduce the financial burden on your beneficiaries.

Estate planning strategies, such as gifting your home during your lifetime, may also impact inheritance tax. It's important to understand that if you die within seven years of gifting the property, the tax implications can vary. For instance, if death occurs within three years of gifting, the tax rate remains at 40% for amounts above the threshold. Knowing these rules can assist in making informed decisions that best protect your family's financial future.

Key Takeaways

Understanding Inheritance Tax and the Family Home

Inheritance tax (IHT) significantly impacts how estates, particularly family homes, are passed down to heirs. Important factors include the tax thresholds, reliefs, and specific rules for transferring property to spouses, civil partners, or direct descendants.

What Is Inheritance Tax?

Inheritance Tax (IHT) is a tax on the estate of someone who has died, including property, money, and possessions. The standard rate of IHT is 40% and is charged on the part of the estate that exceeds the tax-free threshold. Certain exemptions and reliefs can reduce the amount of IHT due.

IHT is not usually paid on assets left to a spouse or civil partner. This allows people to leave their estate to their partner free from IHT.

Inheritance Tax Thresholds and Reliefs

The nil rate band (NRB) is the threshold under which no IHT is due, currently set at £325,000. Any part of the estate over this amount is subject to 40% tax.

An additional relief, the residence nil-rate band (RNRB), applies when a main residence is passed on to direct descendants. For the tax year 2024/25, this band stands at £175,000.

Together, these allowances can effectively increase the tax-free threshold to £500,000 for individuals and £1 million for married couples or civil partners.

Specific Rules for Passing On the Family Home

When passing on a family home, special rules apply to boost inheritance tax allowances. For example, if the home is left to direct descendants, such as children or grandchildren, the estate can benefit from the RNRB. This provision can notably reduce the IHT liability.

Inheriting a home without paying IHT is possible when it’s transferred to a spouse or civil partner. Assets passed between spouses or civil partners are typically exempt from IHT.

Moreover, these rules aim to simplify the process of keeping family homes within the family, mitigating significant tax burdens that might otherwise force the sale of property to cover tax liabilities. The combined use of NRB and RNRB allows families to mitigate the financial impact when planning their estates.

Gifting the Family Home and Tax Implications

When gifting a family home, it is crucial to understand the tax rules governing such transfers. Key considerations include the nature of the gift, the seven-year rule, and how the gift impacts inheritance tax (IHT) liability.

Outright Gifts and Potentially Exempt Transfers

An outright gift of the family home can be considered a Potentially Exempt Transfer (PET). For the gift to be free from IHT, the donor must survive for seven years from the date of the gift. If the donor dies within this period, the gift will be taxed based on the time elapsed since the transfer.

Years Between Gift and DeathTax Rate
Less than 3 years40%
3 to 4 years32%
4 to 5 years24%
5 to 6 years16%
6 to 7 years8%

The gift must be of entire legal and beneficial ownership to qualify as a PET, meaning the donor relinquishes all right to the property.

Gift with Reservation of Benefit Rules

Gifting a home but continuing to live in it without paying a full market rent may invoke the Gift with Reservation of Benefit (GROB) rules. Under these rules, the value of the property remains part of the donor’s estate for IHT purposes, regardless of the donor's survival duration post-gift.

This means the property is still subject to the 40% IHT rate above the estate’s nil-rate band when the donor passes away. To avoid the GROB rules, the donor must pay a market rent for continued occupancy.

ScenarioIHT Implication
Living rent-freeProperty in estate
Paying full market rentProperty excluded

Impact of Gifting on Inheritance Tax Liability

Gifting the family home impacts the donor’s IHT liability based on the value of the estate. If the total value including gifts exceeds the nil-rate band, IHT becomes payable. The current nil-rate band is £325,000.

For homes passed to children or grandchildren, an additional Residence Nil-Rate Band (RNRB) can increase the total threshold to £500,000. If the home is given away but the donor doesn’t survive the full seven years, the tax rate applied reduces progressively based on the time since the gift as per the seven-year rule.

Having clear knowledge of these rules ensures effective estate planning and minimises unexpected tax liabilities.

Strategies to Reduce Inheritance Tax Exposure

Reducing exposure to inheritance tax involves strategic planning and effective use of available tax reliefs. Here are practical methods to help mitigate the impact of inheritance tax on your estate.

Utilising the Nil-Rate Band

The nil-rate band allows individuals to pass on a certain amount of their estate without incurring inheritance tax. For the tax year 2024/25, the nil-rate band stands at £325,000. This limit can be doubled for married couples or civil partners, allowing them to pass on £650,000 tax-free. Reviewing and utilising the nil-rate band can save significant sums.

It's crucial to regularly review your estate's value and update your will accordingly. This ensures that the nil-rate band is optimally used. Additionally, any unused portion of the nil-rate band can be transferred to the surviving spouse, further increasing tax-free thresholds.

Benefiting from Taper Relief

Taper relief reduces the amount of inheritance tax due if gifts are made to individuals and the individual survives for at least seven years. The relief only applies to gifts exceeding the nil-rate band and decreases the tax owed on a sliding scale based on the number of years you survive after making the gift.

For instance, gifts made three to four years before death benefit from a 20% reduction in tax, while those made six to seven years prior see an 80% reduction. The table below illustrates the taper relief rates:

Years Before DeathReduction in Tax
0-3 Years0%
3-4 Years20%
4-5 Years40%
5-6 Years60%
6-7 Years80%

Setting Up Trusts for Tax Efficiency

Trusts can be a highly effective tool for reducing inheritance tax exposure. By transferring assets into a trust, you can remove these assets from your estate, potentially reducing the taxable estate value. Trusts come in various forms, each suited to different needs and circumstances.

Discretionary trusts allow trustees to determine how assets are distributed, providing flexibility and control. Bare trusts, where beneficiaries are immediately entitled to the assets, can also be beneficial. The primary advantage of trusts is that the assets within them are generally not subject to inheritance tax upon the settlor’s death, provided certain conditions are met.

Professional advice is recommended when setting up trusts, as the legal and tax implications can be complex. Properly structured, trusts offer a pathway to substantial inheritance tax savings.

The Role of Co-Ownership and Guardianship

Inheritance Tax (IHT) implications can significantly vary depending on co-ownership arrangements and guardian provisions in a will. Here’s how these factors affect married couples, civil partners, and direct descendants.

Implications for Married Couples and Civil Partners

For married couples and civil partners, co-ownership often simplifies the inheritance process. Such relationships typically benefit from a spousal exemption where the surviving partner is not required to pay IHT on the deceased's share of the property. This makes it possible for them to inherit the residence without any immediate tax burden.

In cases of joint tenancy, the property automatically passes to the surviving partner, thus being exempt from IHT. Conversely, tenants in common arrangements require explicit provisions in a will to ensure the transfer. The government guidelines clarify these exemptions, highlighting their substantial benefit for surviving spouses or civil partners.

Guardianship and Inheritance for Direct Descendants

When a property is intended to be passed to direct descendants, guardianship arrangements and explicit terms in a will become critical. If the deceased's total estate, including their share of any property, exceeds the nil rate band threshold, IHT may apply. Direct descendants such as children and grandchildren might face considerable tax burdens if the inheritance surpasses set thresholds.

Guardians appointed through a will can manage the assets for minor descendants until they reach adulthood. Planning for this scenario is crucial to ensure minimal tax impact. For example, jointly owned property rules indicate how shares in a property might be taxed and highlight the necessity of detailed estate planning.

Implementing strategic co-ownership and guardianship provisions ensures that families protect their valuable assets while minimising potential inheritance tax liabilities.

Frequently Asked Questions

Inheritance Tax (IHT) can have significant implications on family homes passed down through generations. Understanding thresholds, calculations, and strategies can help manage these liabilities effectively. Here are some of the most common queries regarding this topic.

Do I have to pay Inheritance Tax on my parents' property after the passing of both parents?

When both parents pass away, you may be required to pay Inheritance Tax (IHT) on the family home. Whether tax is due depends on the total value of the estate, including the property, and how it fits within the IHT thresholds.

What are the thresholds for Inheritance Tax in the UK and how can it be calculated?

The basic Inheritance Tax threshold is £325,000. Anything above this amount is usually taxed at 40%. There is an additional allowance for passing on a home to direct descendants, which can increase the tax-free threshold to £500,000, provided specific conditions are met.

How can one manage Inheritance Tax liabilities if there are insufficient liquid assets to cover the tax?

If there aren't enough liquid assets to cover the IHT, options include taking out a loan or arranging a payment plan with HMRC. The MoneySavingExpert website provides guidance on these financial strategies to help cover the tax due without forcing the sale of the family home.

How does owning a family home affect Inheritance Tax liabilities?

Owning a family home significantly impacts IHT liabilities due to its typically high value. Increasing property values can push the estate above the tax-free threshold, resulting in a possible IHT charge. This increase in property value could lead to higher IHT liabilities.

Is it possible to transfer a property to children to minimise Inheritance Tax?

Transferring property to children while still alive is one method to reduce IHT liabilities. Gifts given during a person's lifetime may reduce the value of the estate. If the donor survives for seven years after the gift, it usually falls outside the IHT threshold.

What are the implications for beneficiaries upon inheriting a house?

Beneficiaries inheriting a house may face IHT liabilities unless the estate's value falls within the tax thresholds. They might need to pay IHT within six months of the decedent's death. The Hargreaves Lansdown guide provides further details on handling these obligations.

Looking for expert, regulated and independent advice on your pensions? Assured Private Wealth can help. Get in touch today to discuss your pension planning or if you need advice on inheritance tax or estate planning.

Agricultural Property Relief (APR) offers significant advantages for those involved in agriculture and estate planning. This relief allows eligible agricultural property to be passed on without incurring full inheritance tax, easing the financial burden on heirs. By understanding the criteria and strategic benefits of APR, those involved in farming and land management can take full advantage of potential tax alleviations.

APR can apply to various types of agricultural property, including land, buildings, and certain livestock and machinery. The crucial aspect to qualify for APR is ensuring that the property meets the necessary conditions at the time of transfer. Utilising APR effectively requires careful planning and a thorough grasp of the associated rules and opportunities.

Those managing estates must also consider how ownership and long-term farming activities impact eligibility for APR. By incorporating APR into estate planning strategies, individuals can ensure that their agricultural assets are protected and their financial legacy is preserved.

Key Takeaways

Essentials of Agricultural Property Relief (APR)

Agricultural Property Relief (APR) offers significant benefits to those involved in farming and agricultural businesses by providing relief from Inheritance Tax (IHT). The following subsections detail the key aspects of APR, including its definition, the qualifying conditions, and how to calculate its value.

Defining Agricultural Property Relief

Agricultural Property Relief is designed to reduce or eliminate the Inheritance Tax burden on agricultural property. This relief applies to the agricultural value of properties in the UK, which includes land, buildings, and farmhouses used for agricultural purposes.

APR can be set at 100% or 50%, depending on the specific conditions of ownership and tenancy agreements. For example, owner-occupied farmland may qualify for 100% relief, whereas tenancies in place before 1 September 1995 generally qualify for 50% relief.

Qualifying Conditions for APR

To benefit from APR, certain conditions must be met. The property must be classified as agricultural property, which includes agricultural land, buildings, and farmhouses. Additionally, the property must have been occupied for agricultural purposes for at least two years if owned by the transferor or seven years if it is let.

Tenancies are another important consideration. For agricultural property subject to post-1995 tenancies, the relief is typically 100%. However, for tenancies that commenced before 1 September 1995, only 50% relief is available unless the property has vacant possession rights.

Calculating the Value of Relief

The value of APR is calculated based on the agricultural value of the property, distinct from its market value. Agricultural value refers to the worth of the land and buildings for farming purposes, excluding any potential for development.

For example, a farmhouse or agricultural land used solely for farming might have a different agricultural value than its open market value. When qualifying conditions are met, APR can provide either 100% or 50% relief on this agricultural value, significantly lowering the Inheritance Tax liabilities on transfers of agricultural property.

For more detailed guidance, refer to this Agricultural Property Relief guide.

Implications of Ownership and Transfer

Agricultural Property Relief (APR) considers both ownership and the specifics of occupancy when determining the applicable relief for inheritance tax purposes. Key factors include the duration of ownership and how the property is used or occupied at the time of transfer.

Transfer of Agricultural Assets

When transferring agricultural assets, timing and duration of ownership are crucial. A property must have been owned and occupied for at least two years by the owner or a close relative to qualify for APR. Alternatively, if occupied by someone else, a minimum period of seven years is required.

Property eligible for APR includes agricultural land and buildings, such as farmhouses and cottages, given they are used for agricultural purposes. Transfers can occur through gifts, sales, or upon death, and can be immediate or part of a trust or estate plan.

Influence of Tenancy and Occupation

Tenancy and occupation influence the availability of APR in significant ways. For example, the property must be actively farmed for the relief to apply. If a tenant occupies the land, the lease terms and duration can impact eligibility. Tenancy agreements should align with APR requirements, ensuring the land is used for qualifying agricultural activities.

Vacant possession is another important aspect. In some cases, farmhouses and cottages must be used in conjunction with agricultural operations to qualify. The specific use and control of the property are critical; inactive or non-agricultural use can disqualify the asset from receiving APR benefits.

Strategic Estate Planning and APR

Effective estate planning is crucial for maximising the benefits of Agricultural Property Relief (APR). It encompasses both the optimal structuring of assets and a strategic approach to enhance sustainability and diversification within the farming enterprise.

Maximising Benefits through Planning

Strategic estate planning involves aligning various relief options, such as APR and Business Property Relief (BPR), to reduce Inheritance Tax liabilities. By doing so, landowners can ensure that both agricultural and business assets receive the maximum relief possible.

One key strategy is to ensure that farmland and farm buildings qualify for APR by being used for agricultural purposes and being owned or occupied for the required periods. Professional advice is essential to navigate the complexities of APR and to ensure compliance with the regulations.

Including assets such as woodlands or diversified business elements within the estate plan can further optimise tax reliefs. Proper documentation and timely reviews of the estate plan will help address any changes in ownership or operations that might affect eligibility for APR.

Role of APR in Diversification and Sustainable Farming

APR plays a significant role in promoting sustainable farming practices and diversification. By providing tax relief on agricultural properties, it incentivises landowners to maintain their farmland, farm buildings, and other agricultural assets.

Another benefit is the encouragement of environmentally friendly practices, such as environmental land management and habitat schemes.

Diversification efforts, including crop rotation schemes and livestock management, can also benefit from APR. These practices not only enhance soil health and productivity but can also qualify for additional relief options like BPR.

A well-planned approach to estate management, incorporating APR, supports a sustainable and diversified farming business that benefits future generations.

Frequently Asked Questions

Agricultural Property Relief (APR) offers significant tax relief for agricultural properties, which can impact inheritance tax. This section addresses common queries about eligibility, benefits, and legislative changes.

How does one become eligible to claim agricultural property relief?

Eligibility for APR typically requires that the property be occupied for agricultural purposes. The land must be used for farming by the owner or a tenant for at least two years if the owner is farming it or seven years if let out.

What benefits does agricultural property relief provide for inheritance tax purposes?

APR mitigates the burden of inheritance tax by reducing the taxable value of qualifying agricultural property. Relief can be up to 100%, depending on the use and tenure. This can substantially lower the inheritance tax liability for beneficiaries.

Can agricultural property relief be applied to capital gains tax?

APR is specifically designed for inheritance tax relief and does not apply to capital gains tax. For capital gains, other reliefs such as Entrepreneurs' Relief or Holdover Relief may be applicable depending on the circumstances of property ownership and use.

Which types of properties qualify for agricultural property relief?

Qualified properties include land or pasture used to grow crops or raise animals. Buildings used in farming, farm cottages, and farmhouses may also qualify if they are proportionate in size and character to the requirements of the farming activities conducted on the land.

In what ways has agricultural property relief legislation changed over recent years?

Recent changes to APR legislation include extending the relief to land managed under environmental agreements. Starting from 6 April 2025, land under agreements with the UK government or devolved administrations will also be eligible for relief. This broadens the scope of properties that can benefit.

Are there specific conditions under which a farmhouse can be considered for agricultural property relief?

A farmhouse can qualify for APR if it is of a character appropriate to the agricultural land being farmed and occupied for agricultural purposes. Additionally, the farmhouse must be occupied by someone involved in the day-to-day farming operations for it to be eligible for relief.

Seeking expert, regulated, and impartial advice on your pension planning? Assured Private Wealth can provide the support you need. Reach out today to discuss pension planning or for guidance on inheritance tax and estate planning.

Navigating the complexities of inheritance tax (IHT) can be challenging, particularly for those with significant assets tied up in property. One effective strategy to manage this is equity release, which allows homeowners to unlock the value in their homes to address their IHT liabilities. By using equity release, individuals can reduce the overall value of their estate, potentially lowering the IHT burden on their heirs.

Many individuals worry about the tax implications of their estate and how much their beneficiaries will be liable to pay. Equity release offers a viable solution by converting illiquid assets into liquid funds, which can then be used for further IHT planning measures, such as gifting. This approach not only provides financial flexibility but also supports a more tax-efficient transfer of wealth.

Professional advice is crucial when considering equity release for IHT planning. Consulting with financial advisors ensures compliance with current tax laws and maximises the benefits for your estate and heirs. For those looking to balance accessing their home's value while managing inheritance tax, exploring equity release could be a strategic move.

Key Takeaways

Understanding Equity Release and Its Role in Inheritance Tax Planning

Equity release can be a strategic tool for inheritance tax planning, helping to reduce potential tax liabilities on an estate. It involves the release of equity from a property to manage financial obligations and ensure smoother estate planning.

Equity Release Explained

Equity release enables homeowners to access the equity tied up in their property without having to sell it. There are two primary types: lifetime mortgages and home reversion plans.

A lifetime mortgage involves taking out a loan secured against the property while retaining ownership. Interest is typically rolled up and paid when the property is sold, usually upon death or moving into long-term care.

Home reversion, on the other hand, involves selling a part or all of the property in exchange for a lump sum or regular payments while still being able to live in it.

Key Advantages of Using Equity Release for Tax Planning

Using equity release for inheritance tax planning offers several benefits. By reducing the value of the estate through equity release, individuals can potentially decrease their inheritance tax liability.

Releasing equity also allows for gifting to heirs during the homeowner’s lifetime. Gifts made seven years prior to death could be exempt from inheritance tax, thus effectively managing tax obligations.

Additionally, the funds accessed through equity release can be used to settle existing debts, cover living expenses, or fund major expenses such as home renovations, providing immediate financial flexibility.

How Equity Release Affects Tax on Your Estate

The impact of equity release on tax liability is significant. When equity is released, the value of the estate decreases, potentially bringing it below the inheritance tax threshold, currently set at £325,000, with an additional allowance of up to £175,000 for the main residence.

By lowering the estate’s value, the overall inheritance tax owed by the beneficiaries could be reduced or even eliminated.

Moreover, any remaining debt on a lifetime mortgage is deducted from the total estate value, further reducing tax liability. It's essential, however, to consider the interest rate on the loan as it compounds over time, affecting the estate's final value.

For a comprehensive understanding of equity release and its implications on inheritance tax, refer to the Legal & General guide and other resources.

The Intersection of Home Ownership and Taxation

Home ownership plays a significant role in the calculation of inheritance tax. Understanding the details about mortgages, property values, and available tax thresholds is crucial for effective estate planning. Trusts can also be an effective tool in reducing inheritance tax liabilities.

Mortgages and Home Value in Estate Calculation

When calculating the value of an estate, the value of the home is included. If there's an outstanding mortgage, this will reduce the net value of the property that is added to the estate.

For instance, if a home is valued at £500,000, and there is a £200,000 mortgage on it, only £300,000 would be considered part of the estate. This impacts the overall inheritance tax due, as inheritance tax is calculated based on the net value of the estate.

Accurate documentation of the mortgage and property value is essential. Any discrepancies could result in higher tax liabilities or legal complications for heirs.

Property and Inheritance Tax Thresholds

Inheritance tax does not apply if the estate's value is below certain thresholds.

As of 2024/25, the standard nil-rate band is £325,000. For those passing on their main residence to direct descendants, an additional residence nil rate band of up to £175,000 is available. This means that a property worth up to £500,000 could potentially be passed on without incurring inheritance tax, provided it meets the criteria.

Staying informed about these thresholds can help in making strategic decisions about property and estate planning. Regular reviews of property values and estate components ensure one remains within these advantageous limits.

Reducing Inheritance Tax with a Property Trust

Setting up a property trust is an effective way to manage and reduce inheritance tax liabilities. By placing a home in a trust, control over the property transfers while potentially keeping it outside the estate for tax purposes.

This strategy is especially useful for high-value properties. Trusts allow the homeowner to specify terms on how the property is used and who benefits from it.

For example, parents might set up a trust where children can live in the property but do not own it outright, thereby reducing the resultant inheritance tax. Consulting with financial and legal experts is advisable, as trusts have complex legal and tax implications that need careful management.

Gifting as a Strategy for Inheritance Tax Reduction

Using equity release for inheritance tax planning can involve various gifting strategies aimed at reducing the taxable estate. These methods include annual and lifetime gifting limits, and specific provisions for charitable donations and gifts to partners.

Annual Gifting Limits and Implications

Each individual can gift up to £3,000 each tax year without it being added to the value of their estate. This is known as the "annual exemption." If the annual gifting limit is not used, it can be carried forward to the next year, but only for one year.

Small gifts of up to £250 can also be given to as many people as desired without incurring inheritance tax, provided they have not received any other gifts from the same person that year. Wedding or civil partnership gifts are also exempt up to certain limits: £5,000 for a child, £2,500 for a grandchild, or great-grandchild, and £1,000 for others.

Lifetime Gifting and Potentially Exempt Transfers

Lifetime gifts over the annual exemption may qualify as Potentially Exempt Transfers (PETs). If the donor survives for seven years after making the gift, it becomes completely exempt from inheritance tax. If the donor does not survive the full seven years, taper relief may reduce the tax payable on the gift.

The amount of taper relief depends on how many years have passed since the gift was made:

Years Between Gift and DeathTax Payable
0-3 years40%
3-4 years32%
4-5 years24%
5-6 years16%
6-7 years8%

It is crucial to keep comprehensive records of all gifts made and the dates they were given.

Utilising Gifts to Charities and Partners

Gifts to charities are exempt from inheritance tax regardless of the amount. When donating assets or money to a registered charity, it reduces the taxable value of the estate. Additionally, if 10% or more of the estate is left to charity, the rate of inheritance tax on the remaining estate can be reduced from 40% to 36%.

Gifting to a spouse or civil partner is also free from inheritance tax. Such transfers are unlimited and can be a critical strategy for inheritance tax planning. This ensures that assets can pass to the surviving partner without incurring any tax liability.

These gifting strategies allow individuals to effectively manage their estate and reduce the potential inheritance tax burden on their beneficiaries.

Professional Advice and Compliance

When considering using equity release for inheritance tax (IHT) planning, seeking professional advice is essential. Compliance with HM Revenue & Customs (HMRC) guidelines ensures that your financial strategies are both effective and lawful.

Seeking Expert Advice from Tax Planners and Solicitors

Engaging with a qualified tax planner or solicitor can provide the necessary insights into how equity release may impact your estate and IHT liabilities. These professionals can offer a personalised illustration of potential outcomes based on your specific circumstances, helping to optimise your financial planning.

A tax planner can advise on using equity release as a method to gift assets to beneficiaries, reducing the overall value of the estate subject to IHT. Solicitors can ensure that all legal aspects of equity release are correctly managed, safeguarding against potential pitfalls. Regular consultations with these advisors can keep the plan aligned with current laws and personal goals.

Compliance with HMRC Guidelines and Regulations

Compliance with HMRC regulations is crucial when incorporating equity release into IHT planning. HMRC guidelines dictate how released equity and subsequent gifts are treated, and failing to adhere to these can result in significant tax penalties.

Essential aspects include understanding the limits on tax-free gifts and the timelines that affect tax liabilities, such as the seven-year rule for potentially exempt transfers. Professionals can guide you on how best to structure financial moves to remain compliant. Accurate record-keeping and timely reporting to HMRC are also vital to avoid any legal or financial repercussions.

Following these guidelines will help ensure that your estate planning through equity release is both effective and legally sound.

Frequently Asked Questions

Equity release can be a valuable tool for managing inheritance tax liabilities, yet brings certain complexities that need careful consideration. From its impact on beneficiaries to lesser-known implications, understanding these nuances is crucial.

What are the pros and cons of using equity release for managing inheritance tax liabilities?

Equity release can reduce the value of an estate, potentially lowering inheritance tax obligations. It provides liquidity, making it easier to cover tax dues without selling physical assets.

On the flip side, it reduces the overall estate value that beneficiaries inherit and might incur interest over time, increasing the debt.

How does inheriting a property with an existing equity release plan affect the beneficiaries?

Beneficiaries inheriting a property with an equity release plan must repay the loan, typically by selling the property. If the property value exceeds the loan amount, they can retain any remaining funds.

However, if the property does not cover the outstanding debt, the lender may reclaim it, potentially leaving no inheritance.

What are some lesser-known facts about equity release that could impact inheritance tax planning?

Equity release can be used to gift money to family members, which can be tax-efficient if done seven years before death. This can reduce the taxable estate value.

However, if the person dies within seven years of gifting, it may still be subject to inheritance tax. Additionally, equity release might limit options for future financial planning.

Can equity release be used to cover the cost of inheritance tax, and how does this process work?

Yes, equity release can provide funds to cover inheritance tax liabilities. It allows individuals to unlock the value in their property without having to sell it outright.

The released funds can then be used to pay the inheritance tax due. This avoids the need for heirs to liquidate other assets quickly.

What implications does equity release have on the probate process when dealing with a deceased estate?

Equity release can simplify the probate process by providing immediate liquidity to cover debts and taxes. This reduces the pressure on executors to sell assets quickly.

However, it can also complicate the process by adding to the estate’s debts, which must be settled before any distribution to heirs.

Are there any unexpected risks associated with equity release schemes that families should be aware of?

Unexpected risks include rising interest rates on the loan, which can significantly increase the debt. If property values decrease, there may be less equity than anticipated to repay the loan.

Additionally, early repayment charges and the impact on state benefits should be considered before committing to an equity release scheme.

Need professional, regulated, and independent guidance on your pensions? Assured Private Wealth is here to assist. Contact us today to talk about your pension planning or to get advice on inheritance tax and estate planning.

Discussing your mortality is not the easiest subject to bring up with friends, family and acquaintances. Consequently, many people pass away without leaving instructions, even though the benefits of writing a will are well documented. Aside from the potential legal complications, writing a will has numerous advantages. 

Control how your estate is distributed 

Many of us automatically assume that those we leave behind will understand how we would prefer our assets to be distributed upon our death. You may have already promised an individual a cash payment or assets but have not formally noted this on record. Unless there are specific instructions, in the event of your death, it is unlikely that your estate will be distributed how you would have wanted when alive.

As standard practice, many people will now review their will and inheritance tax situation at the same time as their investments, allowing adjustments and tweaks to be made along the way. 

Appoint an executor

You will often hear about the role of the executor of your estate and their control over the distribution of your assets. Typically, an executor will be somebody you trust, such as a close friend or a professional party, such as a solicitor. While they have a degree of flexibility regarding the distribution of your assets, and slight adjustments to your wishes, they will likely honour your instructions.

Appointing an executor allows you to maintain a degree of control, which can be lost if you have a will but no executor, or nor will at all. The situation can become complex when no executor is named or they cannot fulfil their duties for various reasons. Typically, one of the beneficiaries would step forward to take on the role with the support of others named in your will. However, if no agreement were reached, the courts would become involved and appoint a beneficiary as executor or an unconnected third party.

Avoid intestacy rules

The rules of intestacy relate to an individual who dies without leaving a will. There are statutory rules for this in England and Wales, although they differ in Scotland. Unless you leave a will, it is unlikely that your assets will be distributed as you might have hoped.

There are numerous issues to consider concerning intestacy:-

There are also additional rules and regulations regarding grandchildren, great-grandchildren, and other relatives. If there is no will and you have no surviving blood relatives, your entire estate will pass to the Crown.

Protecting an unmarried partner

It can be dangerous to assume anything regarding legal procedures, especially the distribution of your estate upon death. For example, an unmarried partner does not have the same legal rights to automatic inheritance as a married partner. Therefore, if you were to die without a will, there is every chance your unmarried/civil partner would not benefit to the extent you might have assumed. Consequently, it is crucial that you write a will which includes all beneficiaries and levels of inheritance.

We have seen situations where unmarried/civil partners have pursued court action concerning inheritance, but this can also be a legal minefield. To save any confusion, ensure that your partner is added to your will as a beneficiary.

Provide income for dependents

Many people provide income for dependents, but it is dangerous to assume that this will automatically continue upon death. If you wish to provide income for dependents after your death, this must be noted in your will. You may have investments that attract regular dividends or property assets with significant rental income. 

Whatever the situation, it is essential to protect the dependent and the origins of the income in question. Don't let your executor sell your real estate assets if that is where earmarked revenue comes from!

Make provisions for your children

Whether you have children, step-children, grandchildren or adopted children, you may choose to make individual provisions for each child. Where the child is a minor, it is common practice to appoint a trustee to protect their inheritance. Whether the child is given access to inherited funds at a certain age, or perhaps income and capital releases are staggered over a certain period, this is something you can define in your will.

If you have children from a previous relationship, discussing this with your current family is probably worthwhile, so there are no shocks or surprises when the will is read.

Specify guardians for your children

In a perfect world, your children would have flown the nest before your death, and the subject of guardianship will never arise. But, whether you have young children or children with specific long-term needs, it may be sensible to specify guardians. 

If guardians were required, immediate or distant family members would typically step up to the mark. However, we live in a day and age where people are spread across the country and worldwide. Consequently, it is important to take nothing for granted when considering the guardianship of your children in the event of your untimely demise.

Avoid arguments between friends and family

Unfortunately, whether through innocent discussions or promises made but not recorded, if you fail to leave a will, this will likely lead to arguments between family and friends. This has the potential to rip families apart, alienate and isolate long-term friends and has been known to result in legal action. When contemplating whether to write a will, consider how you would feel if your estate was dragged through the courts, friends and family fighting and legal expenses building.

These are potentially sizeable legal expenses which would/should have been part of your estate and ordinarily gone to your loved ones.

Safeguard the family home

Whether or not you have children, it is not uncommon for the family home to be held in the name of an individual, even if it is a mutual asset in practice. This could be for several reasons, for example, historical or tax purposes. Therefore, to safeguard the family home, specific instructions should be written into your will. Unless clear instructions are left, you may find that the family home is sold to cover a tax bill which is the last thing you wanted.

When writing your will, you should assume that you are starting with a blank canvas with no legal rights or obligations. Therefore, include all parties whom you wish to benefit from your estate and clearly define their entitlement.

Consider inheritance tax

While the inheritance tax liability on your distributable estate cannot be impacted by a will, creating a will should prompt a review of your potential liability. There are ways and means of reducing any tax liability, including using gift allowances, pensions and trusts. The government often tweaks inheritance tax regulations, therefore, seeking professional advice while structuring your will is strongly advisable.

Many automatically assume that those looking to manage their affairs regarding potential inheritance tax liabilities are doing something wrong. However, it is a perfectly valid consideration because it will ensure that the maximum amount of funds/assets is available for distribution amongst your beneficiaries. The more spent on tax liabilities, the less to distribute to your chosen beneficiaries.

Specify your funeral instructions

In the midst of grief, trying to put together a funeral service which you “would have wanted” can be challenging. For example, are there any particular friends you would have invited? Perhaps there are some that you would prefer not to attend your funeral?

Since death is difficult to discuss, some people are unaware of whether their partner would prefer to be cremated or buried. The subject of a religious or non-religious funeral can also be tricky. Then we have the wake and any private celebrations of your life. Many people who choose to live overseas in the final years of their life may prefer to be repatriated upon their death. On balance, it would be advantageous to leave clear instructions in your will clarifying your preferences.

Gifts to charitable organisations

Writing a will is the perfect opportunity to leave gifts to one or more charitable organisations. It may be that a charity has helped you in the past, or they may be close to your heart for some reason. However, unless you specify donations to charitable organisations in your will, it is doubtful that contributions would be paid voluntarily after your death.

There may also be various tax breaks associated with charitable gifts that will enhance any donations. But, again, these are issues you can discuss with your financial adviser/wealth manager when looking to structure your will.

Digital assets

In the modern era, individuals are more likely to own what are defined as "digital assets". These non-tangible assets are created, traded and stored in a digital format, possibly associated with cryptocurrency and blockchain investments. However, the valuation, transfer and disposal of such assets can be complex. Consequently, it is vital that your executors have access to your accounts as soon as possible to clarify the legal position and what needs to be done to sell or transfer the assets.

Remove historic beneficiaries

Most of this article has focused on the benefits of writing a will instead of regularly updating your will. Unfortunately, many people fail to update the beneficiaries of their estate, with funds often going to previous partners. This may be to the detriment of your partner/family at the time of your death. While there are occasions where wills can be challenged in court, there would need to be a strong reason for this to proceed. A failure to update the beneficiaries of your estate could be classed as "bad admin", and it may be difficult to find a legal reason to challenge this.

Depending on how previous relationships ended, parties can be amicable, with assets going to the "right" people. However, don't bank on it!

Make gifts of sentimental value

A will is a very personal document that allows you to leave specific amounts of cash or items for friends, family and close acquaintances. However, you may have verbally promised a particular item to a friend or family member but not included this in your will. Unfortunately, unless other parties were made aware of the verbal promise, your wishes are unlikely to be fulfilled.

The value of leaving a will

While it is impossible to cover all scenarios which may impact the distribution of your assets on death, we have covered a wide variety in this article. In essence, you need to include all beneficiaries in your will and the level of entitlement, whether this is all or part of your estate, taking nothing for granted. Where there is confusion, this will likely lead to disputes; where there are disputes, this will likely lead to legal action. A simple, clear, concise will can avoid this.

Here at Assured Private Wealth we have an array of expert advisors on hand to walk you through the challenges of writing your will. If you require further assistance, or have any questions, we would welcome the opportunity to speak with you.

Need expert, regulated, and independent pension guidance? Assured Private Wealth is here to assist. Contact us today to talk about your pension planning or for advice on inheritance tax and estate planning.

When looking to manage your financial and personal affairs in life and death, it can look fairly complicated at first glance. You will hear numerous legal terms, registration of documents and different roles. It is essential to look at each of these issues in isolation and then bring them together to create a broader, more coherent picture.

Executors and lasting powers of attorney

Many people see executors and lasting powers of attorney as the same, one or more individuals appointed to look after your affairs. The situation is further complicated because the same person could be appointed to both roles. In reality, the role of an executor and a lasting power of attorney is very different. Nevertheless, as a means of protecting your finances and maintaining your personal affairs, both have an essential part to play.

Due to the often overarching power placed upon an executor and a lasting power of attorney, in specific circumstances, you must trust the individuals appointed to these roles.

Role of a lasting power of attorney

The role of a lasting power of attorney will end upon your death. As we touched on above, even though the lasting power of attorney and executor may be the same person, the arrangements are very different. The primary role of a lasting power of attorney is to manage your finances and/or personal affairs in life when you are incapacitated. This may be as a result of:-

There will be occasions when individuals do not feel comfortable making financial/personal decisions on their own and will hand over control to a lasting power of attorney. Interestingly, where you are deemed to have the mental capacity to make a decision, you can revoke a lasting power of attorney at any time. This must be done in writing in a statement known as a "deed of revocation".

Role of an executor

Under the terms of your will, you would appoint one or more executors to administer your affairs upon death. It is important to note that an executor, in this capacity, has no control over either your financial or personal matters in life. Their role would become "active" upon your death and their appointment as part of your will. Some of the more common roles of an executor include:-

In reality, the role played by an executor will depend upon the size and complexity of the deceased's estate. However, as a backup, it is sensible to appoint a substitute executor in case those first named cannot fulfil their legal obligations.

Managing your affairs while alive

Unlike the appointment of an executor for your estate, deemed active upon your death, the situation is different for a lasting power of attorney. You need to register the appointment of a power attorney before you are deemed unable to do so, whether by loss of mental capacity, accident, injury or illness. It is active as soon as the lasting power of attorney is officially registered with the Office of the Public Guardian. 

This means that the appointed individual can make decisions on your behalf from the registration date. As a consequence of the potential "dangers" of having dual control over your affairs, many people leave it as long as possible before registering a lasting power of attorney. The obvious downside is that if you were incapacitated in some way and deemed unable to make a decision, you would not be able to register the legal document. In this scenario, your direct family and/or connected parties must apply to the courts for the right to administer your affairs. This can be time-consuming and expensive!

For reference, there are two types of lasting power of attorney which relate to:-

In theory, you could register different people for each type of lasting power of attorney. However, in reality, most people will appoint the same person, incorporating both types of lasting power of attorney into one agreement. Upon death, it is essential to note that the role of a lasting power of attorney is terminated. They will only have an active part to play in the management of your estate if they are appointed an executor as part of your will.

Managing your estate in death

Managing your estate in death is more straightforward, with the executor appointed as part of your will. As we touched on above, this can be the same person(s) appointed to be a lasting power of attorney, but this is a separate legal arrangement. The role of the executor will begin upon your death with specific instructions, as part of your will, which they must carry out on your behalf.

If you die without a will, this is known as dying intestate and subject to a different set of rules. While subject to potential variation in different parts of the UK, your closest blood relatives would inherit your estate, which would be split on a predetermined basis. As your closest blood relatives may not necessarily be the ones you would have chosen to inherit your estate, a will and an executor appointment are crucial.

On the rare occasion that an executor refuses to carry out your written instructions, legal action can be taken by the beneficiaries. For example, they may refuse to carry out your instructions because of non-payment of fees or allowable expenses - the courts would resolve this matter.

Should I appoint an executor and lasting power of attorney?

At the very least, it is important to appoint an executor to your estate as part of your written will. As we grow older, we become susceptible to various illnesses and different stages of mental incapacitation, which is where a lasting power of attorney can prove invaluable. Therefore, it is important to appreciate the role of a lasting power of attorney in life and an executor on your death. 

As the role of the lasting power of attorney ends as the executor's role begins, this ensures you have a degree of protection in life and death. Failure to appoint individuals to these roles could lead to significant expenditure and court time for family and friends. Nobody wants to see individuals fighting over your estate!


While understandable to a certain degree, many people need clarification on the role of a lasting power of attorney with that of an executor of your estate. Neither role will be active simultaneously, with the lasting power of attorney offering protection in life and the executor appointment protecting your estate and ensuring your instructions are carried out in death. Therefore, it is essential to take professional advice when deciding which individuals to appoint to the various roles and the appropriate production/registration of legal documentation.

Need expert, regulated, and independent pension guidance? Assured Private Wealth is here to assist. Contact us today to talk about your pension planning or for advice on inheritance tax and estate planning.