Pengillys' Seminars

On 3rd March Pengillys Solicitors in conjunction with St James's Place Financial Advisers held a very successful tax seminar to a packed audience at the Moonfleet Manor Hotel, Weymouth.

Stephen Jones, a specialist tax and private client Principal at Pengillys gave an instructive and informative talk on seven successful ways to lower your Inheritance Tax bill.

Mr Jones offered the audience a rare insight into the ways that Inheritance Tax may be avoided.  His informative and comprehensive talk covered:

1.  Gifting assets with reference to potentially exempt transfers, pre-owned assets charge and reservations of benefit;

2.  The use of the exemptions including your annual exemption, small gift exemption, gifts in consideration of marriage, normal expenditure out of income and gifts to charities, national purposes, public benefit or political parties;

3.  Utilising business property relief with worked examples as to how to maximise that relief;

4.  Utilising agricultural property relief and woodlands;

5.  Ensuring that your Will is up to date and is written in a tax efficient way so as not to waste any relevant business property relief or agricultural property relief and to ensure maximum use of the transferable nil-rate band with worked examples;

6.  Utilising deeds of family arrangement/variation; and finally

7.  The suggestion was that you may wish to spend your money to reduce your estate below the nil-rate band.

Mr Jones stated that:  "Inheritance Tax is currently running at 40% of any sums over £326,000 and although this may seem like a high threshold for most people, once you have taken account of the value of the family home and car, it is not difficult to see how Inheritance Tax is likely to have a major impact on many people.

If you want to leave a legacy to your loved ones, it is essential that you start planning your financial future now.

Pengillys will be holding a further seminar at Moonfleet Manor on 22nd March 2011 offering expert advice on the preparation of family Wills and the use of Trusts.

If you would like an invitation to this or any future seminar, please contact Pengillys Head Office on 01305 768888.