Without the right advice and careful financial planning, HM Revenue & Customs can become the single largest beneficiary of your estate following your death.
At present, the first £325,000 (2012 / 2013) of an individual's estate is not liable to Inheritance Tax. For married couples and registered civil partners it is currently £650,000, if the full allowance is passed to the surviving spouse. Anything in excess of this amount is taxed at 40% on death.
There are some options available that you can consider to help mitigate Inheritance Tax:
- Have your Will written and planned correctly to save the maximum amount of tax
- Transfer assets through the prudent use of lifetime gifts
- Create a tax-efficient fund to enable the beneficiaries of an estate to meet the tax liability without disturbing the family wealth. Under current IHT legislation, pensions can play a considerable role in estate planning.
Use our Inheritance Tax Calculator to find out how much IHT you might be liable to.
Although pension death benefits are broadly exempt from IHT, if they are passed to your survivor they will form part of their estate. St. James's Place can offer solutions which allow your survivor access to your death benefits without them forming part of their estate.
We have a service, in conjunction with four leading law firms, which is designed to provide a wide range of differing legal services covering Inheritance Tax, matrimonial issues and general tax planning.
Download our guide to Inheritance Tax (PDF) or request a call from a St. James's Place Partner to discuss your personal requirements in detail.
The information on this website is based on our interpretation of the law and HMRC practice as at April 2012. Taxation legislation and HMRC practice may be subject to unforeseen changes in the future. Wills and some areas of Inheritance Tax Planning are not regulated by the Financial Services Authority. Wills and the writing of them involves a service that is separate and distinct to those offered by St. James's Place.
There are plenty of circumstances which call for adequate insurance to be in place, for example going on holiday or insuring your home against damage or theft.
Deciding what type and level of insurance to take can be a challenge, especially without the right advice. Providing protection cover in all forms of life, critical illness and disability insurance is at the heart of St. James's Place Wealth Management.
Working with a carefully selected panel of providers, we offer an extensive range of insurance cover, including:
- Life cover
- Critical illness
- Income protection
- Employee benefits
- Private medical insurance
Request a call from a St. James's Place Partner to find out more.
It’s no secret that healthier lifestyles and better medical care is increasing life expectancy in the UK.
Whilst this is good news for all of us, it does also carry with it the need to think about the financial implications of living longer after retirement.
At St. James's Place we are committed to helping you meet your financial needs throughout your lifetime.
The St. James's Place Later Life Planning Scheme gives peace of mind, enabling you to reduce your Inheritance Tax exposure, make gifts to your heirs during your lifetime and secure a set income should you need long term care in the future.
Key benefits of the Later Life Planning Scheme include:
- Safely making monetary gifts to loved ones during your lifetime
- Reducing or even eliminating your exposure to Inheritance Tax
- Arranging a pre-set income for life to help safeguard against care costs, if required in the future
- Keeping control of your money
- Benefiting from using gifts & trusts*
Request a free copy of our guide to Later Life Planning to find out more.
* The income is fixed at the time of setting up the plan. If the income taken exceeds the growth of the plan, the capital will be eroded.
Please note that Trusts are not regulated by the Financial Services Authority.
The ability to make gifts of money or assets, which are exempt of Inheritance Tax, can be a valuable method of Inheritance Tax planning.
There are various ways to make gifts exempt, and your St. James's Place Partner will be able to advise you on the best options available to suit your own personal circumstances.
Request a call from a St. James's Place Partner to find out more.
Arranging care for yourself or a loved one can not only be an emotional time, but also a very complicated one.
Eligibility for state benefits, Lasting or Enduring Powers of Attorney, the type and location of care home, and of course, funding the care itself, are all important considerations.
In any case, specialist knowledge and sound advice is key to making the right decisions. The St. James's Place Partnership has a number of dedicated and highly trained Long Term Care Partners who can help you and your family with the options available.
View our guide to the Cost of Care (PDF) or alternatively request a call from a
St. James's Place Partner to find out more.
Lasting Powers of Attorney are not regulated by the Financial Services Authority and the writing of them would involve a service that is separate and distinct to those offered by
St. James's Place.
The principle of trusts began centuries ago when people would assign their assets and valued items to a trusted person — a trustee — before going to war.
Today, a trust remains an agreement between an owner of assets and the chosen trustees. The trustees legally own the assets of the trust, but are not allowed to benefit themselves — unless they have also been named as beneficiaries. The trust's main value is in its ability to keep your estate out of probate after your death.
In recognition of the vital role trusts play in modern financial planning, St. James's Place Wealth Management has set up an international business in Jersey specialising in the provision of trustee services. Jersey enjoys complete autonomy in its internal affairs, including taxation and other legal issues, and has a strong financial infrastructure, befitting its position as a leading centre for international finance.
The St. James's Place Trust Company Jersey Limited has been established to forge lasting relationships with clients, providing services and an extensive range of solutions as opposed to selling products. As a trustee, the company represents the interests of the beneficiaries and ensures due regard is given to clients' wishes and guidance. In all cases these wishes are discussed in detail and placed on record, discreetly and confidentially.
View our guide to Professional Trustee Services (PDF) or alternatively request a call from a St. James's Place Partner to find out more.
It should be noted that Trusts are not regulated by the Financial Services Authority. However, please be aware that the St. James's Place Trust Company Jersey Limited is regulated by the Jersey Financial Services Commission.