Inheritance Tax Seminar

Investment and Wealth Advice




You can watch a ten minute excerpt from the talks given at our first Inheritance Tax seminar by following this link.  You will also be able to download a summary of the key points from the day.

FIND OUT MORE

Our first Inheritance Tax Seminar, hosted in conjunction with Grant Thornton, provided our clients with an overview of the three key areas; Gifting, Tax Relief and Life Insurance.


It is only possible to scratch the surface of such a broad subject in a short seminar.  If you would like to discuss some of the topics in further detail or request advice, please do not hesitate to contact John Butters, Graeme Stenson or your Private Banker.
*****
There are few experiences more surprising than driving out of London, up the M1, through the outskirts of Watford, then suddenly finding yourself driving across rolling, unspoilt countryside towards the beautiful Munden House.
 
 
In January this year, the owners, Henry and Kate Holland-Hibbert, were kind enough to host Weatherbys Private Bank’s Inheritance Tax Seminar followed by lunch at their cherished family home.
 
Since 1607, when Thomas Ewer acquired the property, it has never changed hands on the open market and the Holland-Hibberts are his direct descendants. Although the property has not always passed from father to son, it has never been more distant than through cousins.
 
The present house is known to date from before 1795 as there are pictures dated such in the British Library. Additions were made in 1829 and then extensively in the late 19th Century as the Victorian fashion developed for larger Country Houses. Further extensive alterations were made in the 1990’s to bring the house up to modern standards as a comfortable family home whilst retaining its former historic past.
 
The gardens were laid out in the early part of the 19th Century along with many of the woods and trees in the Park, some of which are over 200 years old.
 
Given that the property is not open to the public, we felt particularly fortunate to enjoy drinks, then the seminar, followed by lunch in the various elegant spaces and rooms on the ground floor of the house.  
 
John Butters, our Chief Investment Officer, gave our guests a whistle-stop tour of the key solutions to Inheritance Tax, focusing on three key areas:
 
  1. Gifts: It pays to be generous with your loved ones during your life. Gifting, to trusts or family investment companies or directly to beneficiaries, is the backbone of effective estate planning.
  2. Reliefs: Unlike death, IHT is not an inevitability. Careful planning and forethought can have a significant impact in reducing overall exposure to IHT. However, mitigation becomes harder if left until the last moment. Starting early is key to an effective inheritance tax strategy.
  3. Life insurance: How it can be written to provide an effective strategy to mitigate inheritance tax liabilities.

Our co-host, Iain Dowling of Grant Thornton, then took over and talked in more detail about tax and control. Specifically, around:
 
  1. The use of trusts and the potential tax implications of these structures under various scenarios.
  2. The benefits and risks of using Family Investment companies as an intergenerational wealth transfer vehicle.
  3. The importance of having an up to date will.
 
Many of our guests then put both our speakers to the test with some extremely challenging questions such as:
 
  1. The pricing of a whole of life insurance policy.
  2. The benefits of investing capital and excess income into a business partnership to qualify for business property relief and whether capital gains tax would still apply.
  3. Death benefit nominations on your SIPP and SIPP tax liability.
 
We can make an introduction to Grant Thornton if you would like to discuss any of the topics covered by Iain at the seminar. 

 
Tax treatment depends on individual circumstances and may be subject to change in the future.  The information in this article is not intended to provide legal, tax or financial advice and should not, in any way, be construed as such. We recommend that you take professional advice where required. 
 
The information and views of Grant Thornton are theirs alone and may not reflect the views of Weatherbys Bank Limited.  Neither Weatherbys Bank Limited nor Grant Thornton may be held responsible for the use which may be made of the information contained in this article. 

BECOME A WEATHERBYS CLIENT

To find out more about Weatherbys Private Bank and our services, please contact the Private Bank team