Fogwill & Jones Asset management Limited
Tel: 0114 258 8899
Email: info@fogwilljones.co.uk
Press Releases from Fogwill and Jones
Trusts do not have to be complicated; essentially a trust is a separate legal entity that does not form part of the trust creators will. People often create trusts to legitimately avoid some taxes, such as Inheritance Tax and Capital Gains Tax.
Utilising your full tax reliefs could earn you hundreds of pounds a year!
Last year the British taxpayers missed out on £12.6 billion worth of tax relief – that’s £421 for every single person in the country, in part due to wasted tax saving opportunities. One of the largest contributors to this startling statistic is a failure to utilise the annual ISA allowance. That means, as a country we will throw away £403 million in 2012 by bad planning.
Now could be the time to cash in!
Right now around 350,000 investors are holding With-Profits bonds that will reach their ten-year anniversary in 2012, which means a penalty-free exit period; the With-Profits bond equivalent of a free pass! To put it into context, this equates to more than £3 billion that can be withdrawn this year without incurring penalties.
We can give you a very basic calculation that will let you know if you need to worry about inheritance tax: add up everything you own, your home, your car (s), belongings, savings etc. Is the total more than £325,000? If your answer is yes, you are above the inheritance tax threshold and you need to give serious thought to planning your estate in order to make it as tax efficient as possible.
As you may have heard, the Government replaced the Child Trust Fund this month with a Junior ISA, modelled on the adult ISA. This Junior ISA is pretty straightforward: family and friends can invest up to £3,600 per year tax free which, if started at birth, could mean your child has more than £100,000 in an ISA on their 18th birthday. With the increasing costs for education and housing, this could well put the child on a path to a more secure financial future.
Tailor made portfolios for individuals and companies
Tax advice & mitigation for even the most complex situations
Trusts are no longer just for the very wealthy, learn more here
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