RSS Feed

Related Articles

Related Categories

You don’t have to be rich to face inheritance tax

7th June 2007 Print
Many people mistakenly think inheritance tax is solely the preserve of the rich and won’t affect them.

The truth is with continually rising house prices an inheritance tax liability is becoming an increasing possibility for more and more people.

What’s more if someone dies without having made a Will it can lead to legal complications over exactly who benefits from an estate even resulting in the State taking a significant share on top of any inheritance tax due!

To answer these concerns, financial services company Edward Jones is running a free seminar in York on Thursday 14 June, to help people minimise their inheritance tax liability and ensure the right people benefit from their estate.

Cliff Gladwin, a Financial Adviser & Stockbroker with Edward Jones in York comments: “Many people don’t realise how much their estate can amount to once everything is taken into account – house, car, possessions, business interests, savings, shares, jewellery and so on. It’s very easy for an estate to be worth a lot more than the current £300,000 inheritance tax threshold, with tax charged at 40% on everything above this limit. So, for example, an estate worth £500,000 would leave a tax liability on the balance of £200,000, meaning £80,000 would have to be paid before the estate was released to beneficiaries.

“It’s also wrong to assume on death everything passes to ones nearest and dearest. This is often simply not the case. But interests can easily be safeguarded by making a Will and taking advice. It is simple, inexpensive and can also help limit any inheritance tax liability.”

Cliff Gladwin will be holding a free seminar at 6.00pm at Edward Jones office at 88 Tadcaster Road, Dringhouses on Thursday 14 June with light refreshments provided. To reserve a place/s please call Wendy on 01904 704917.

Edward Jones Limited is authorised and regulated by the Financial Services Authority and a member of the London Stock Exchange. The seminar will reflect current laws and regulations, which may change in the future.