Inheritance Tax Planning

Looking for Inheritance Tax Planning?

We Howard Wright are based just outside Wolverhampton in Codsall. We are a family run firm who have been in business for over 40 years.

We provide Financial advice on all areas of financial planning especially Inheritance Tax Planning.

What is Inheritance Tax?

Inheritance Tax is a tax on the estate (the property, money and possessions) of someone who has passed away.

You will most likely not have to pay Inheritance Tax if the value of your estate is below £325,000, if you leave everything above the £325,000 threshold to your spouse, Civil Partner, Charity or a community sports club.

It is recommended that even if the Estate is below £325,000 you report it to HMRC.

If you give away your home to your children (including adopted, foster or stepchildren) or grandchildren your threshold can increase to £475,000.

If you’re married or in a civil partnership and your estate is worth less than your threshold, any unused threshold can be added to your partner’s threshold when you die. This means their threshold can be as much as £950,000.

How much is Inheritance Tax?

The standard Inheritance Tax rate is 40%. It’s only charged on the part of your estate that’s above the threshold.

ExampleYour estate is worth £500,000 and your tax-free threshold is £325,000. The Inheritance Tax charged will be 40% of £175,000 (£500,000 minus £325,000).

Private Medical Insurance

Private Medical Insurance is designed to fully / partially meet the costs of private medical treatment for you and your family. This can reduce treatment waiting times and potentially give you access to more specialist treatments.

Our Advice

We will offer advice on the most suitable products to meet your requirements, whether fixed, variable, capped or discounted. Other features such as offset accounts will also be considered.

Howard Wright Retirement Plan

Your Howard Wright retirement plan will provide a projection of your income at your desired retirement age based on your existing arrangements and projected state pension today.

This will highlight any shortfalls that you may have along with considerations on how this can be addressed.
This could include increasing contributions within your agreed budget, taking advantage of employer incentives, switching contributions to a more tax efficient vehicle or switching out of a poorly performing fund.

Personal Pensions are a tax incentivised savings vehicle for retirement. Some individuals prefer the accessibility of an Investment ISA, though accessibility can be a downside!

It is important to have your savings working as hard as possible for you, it is therefore imperative that you review not only the contract but the investment fund(s) you use.

Billions of pounds remain in underperforming funds, where a simple fund switch to an alternative fund would potentially provide a higher return.

At Howard Wright we provide a range of risk focused actively managed investment portfolios designed to assist our clients to achieve their retirment objectives.

What to do next?

To discuss your circumstances with one of our Chartered Financial Planners, please feel free to call us on 0345 688 4939 or fill in our enquiry form below, it only takes 20 seconds to complete.

Once you have done this one of our Chartered Financial Planners will then contact you as soon as possible, to discuss your circumstances and arrange your free initial Consultation.

Get to know us and our Clients

Why not meet the Howard Wright team by clicking here or take a look at our Client stories page and see how our advice helps our Clients.

“Excellent company very helpful, always available no matter the question.

I feel very confident with my investment in their hands.

The weekly update easy to understand so I am always in touch with the care of my money”