You can’t take it with you, and if you try, HMRC will take 40%
Once your business is a success, you finally get to enjoy the wealth you have created. However, the time will come when you look at options for passing your wealth on to the next generation. Tax Innovations has detailed knowledge of the tax issues facing you when you pass on your wealth, and in the structures that can be used to do so in a tax-efficient way.
The simplest way to pass on your wealth is to leave it as bequests in your will. However, if you do this, HMRC are likely to take a significant chunk (up to 40%) of the amount passed on through inheritance tax (IHT).
Any wealth given away more than 7 years before you die will not have any IHT charge, but you will lose all control over that wealth.
Using a trust can protect your wealth from IHT, whilst allowing you to still have some control over whose hands that wealth ends up in.
If you would like more information regarding your options for passing on wealth and the relevant tax consequences, please contact Tax Innovations on 01962 856 990 or firstname.lastname@example.org.
For an initial consultation please call us on 01962 856 990 or visit our contact page.