MATTHEW SLESSOR WEALTH MANAGEMENT
If you are reading this, you may already be invested into a pension, investment, ISA or trustee investment.
You may also be happy that you ‘have not lost money, and the fund has grown’. While Cash ISA’s are tax free from an Income tax and CGT perspective, they are not free from Inheritance Tax. Some (not all) Pensions are free from Inheritance Tax, and some (not all) trusts are free from Inheritance Tax too.
It may be the case you have a large sum of savings held for safety in the Bank or Building Society, if you are single, and have assets (including property) that exceeds £325,000 then any savings you hold in excess of this are potentially subject to 40% Inheritance Tax, for married couples this £325,000 figure is doubled, and if you have any children, then there is an additional allowance of £175,000 each called the ‘Residential Nil Rate Band’, terms and conditions apply of course.
Please note that the FCA do not regulate will writing, tax planning and trusts.