‘Business Property Relief (BPR) has come a long way since it was first introduced in the 1976 Finance Act. One potential option is investing in assets that qualify for Business Property Relief (BPR).īusiness Property Relief is a tax relief that applies to some companies listed on the Alternative Investment Market (AIM), or certain unlisted companies. Inheritance Tax planning is often best addressed early when the possibility of success is higher, but how can this be done without running the risk of being left with insufficient funds to support yourself, particularly if you live longer than anticipated, or meeting the cost of care is required? This can lead to delaying the decision to gift until much later in life and as a result reduces the likelihood of the gift successfully achieving its objective. Losing access to capital is often a major deterrent when making gifts, particularly when the future and your income/capital requirements are uncertain. Inheritance Tax is applied to the value of an individual’s estate exceeding the available Nil Rate Band (NRB) and Residence Nil Rate Band (RNRB) and is currently charged at a rate of 40%.Ī common means of reducing an individual’s estate value is via an outright gift, however, this isn’t without its drawbacks, namely loss of access to capital, and the length of time it takes to successfully leave the estate (seven years). In some ways Inheritance Tax is largely an optional tax and one that with careful planning can be mitigated.
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Until then it’ll still be the above combination of hit-and-miss plus legwork.Īuthor: Peter Murphy, Benefits Inheritance Tax and Retain Control/Access to your Money In essence, the idea is that at some point in the future, you will be able to log in to the website of a government approved body and once you’ve passed the relevant security, you will be able to see all pensions that you’ve accumulated during your working lifetime and the State Pension all in one place.Ī great idea but, unfortunately already several years behind schedule, and as it’s on a phased roll-out, not all pension providers will show from day one. The light at the end of the tunnel is the Pensions Dashboard.
Unfortunately, the results you get are by no means foolproof since the data supplied is on a purely voluntary basis and often is not updated when companies change pension provider or are taken over etc.
Was I in a pension scheme and, if so, who would know the details?” Entering details of your previous employer will then provide contact details of pension schemes associated with that employer and, from there, it’s a case of phoning or emailing along the lines of “ I worked for you from March 1998 to July 2001. The current way of tracing lost pensions revolves around a government website. These plans created their own unique problems, but the problems were far more preferable, and much more easily solvable, than the problem of getting near retirement and finding you have no pension at all. The second was an individual who swore blind they had no pensions, but a chance find of some paperwork led to a pot with over £600,000 in it. One where the individual knew they had a pension but had no idea how much was in it – turned out to be over £1m. While the vast majority of lost pensions, when found, will only have a few hundred or a few thousand pounds in them, there are occasions where the amounts involved are life changing. 20 years ago?” The advent of Workplace Pensions is only going to exacerbate this situation, particularly for persistent job-hoppers and those in transient industries. One of the most common questions we get asked is “ How do I find out if I had a pension when I worked for XYZ Ltd. Peter has written an article on missing pensions, Dan has written about trying to avoid Inheritance tax whilst keeping control of your money and Kristina has written about Pension v Property as investment options so a nice spread of topics to close the month. This month we have seen an uplift in the markets, and I have included a market commentary from Richmond House Investment Management to give insight into last months market view and performance which is showing dividends in August’s performance.
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