Devonshire's East Devon magazine September October 2018

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MANAGING your MONEY "the hardest thing in the world to understand is income tax" Albert Einstein Celebrating 26 years of providing independent financial advice in Devon Inheritance Tax It's bigger than ever... Helen Mulvaney BA (Hons), Dip M, DipPFS Proprietor of RICHMOND INDEPENDENT Recent statistics reveal that a record amount of IHT was being paid by estates in the tax year 2017/18. Helen has been advising clients in the East Devon for the past 26 years and specialises in the provision of retirement and investment advice. £5.2billion* of IHT was paid, up around 92%, since the 2010/11 tax year when HMRC pulled in £2.7 billion. This is an enormous increase which is probably due to a number of factors. Firstly the nil-rate band has been frozen at £325,000 per individual since 2009/10 and in the interim house prices and shares have generally increased significantly. But another factor might be that many people are just not seeking advice on how to mitigate this tax. Moreover the increase in the amount of IHT collected by HMRC comes despite the new main residence nil rate band allowance which will mean that a couple will be able to pass up to £1m to their children by 2020/21 (as long as the family home is included). I suspect that much of the problem is due to the fact that talking about IHT means talking about death and many people are reluctant to believe that they have reached the time in life when this starts to be a pressing matter. I've heard people say that they'll simply spend the money or that it will go in care fees anyway and this is an easy way to avoid the topic. However, the fact is that more money is being paid in IHT due to lack of planning. A recent survey by Which revealed that 61% of us don't have a will which demonstrates the vast majority of us aren't prepared to face up to the inevitable. Our millennials are constantly pointing out that they Redirecting unused income towards pension or savings plan for your child may save some IHT are debt ridden (from university fees), unable to buy their own property and can't start a pension - let alone a family - because they are unable to afford it. Steep house prices and a flood of graduates chasing top jobs has inevitably meant that many are stuck in lower paid jobs and will need years to save up towards a home of their own. I doubt this situation is going to improve and therefore there is a need to start planning for the coming generation's finances early on. The earlier this is started the better as a longer time frame means that more risk and consequentially more potential returns can be earned on the savings. This can be done by grandparents (or parents - if they are financially able). Regular savings from normal expenditure would be exempt from IHT and building up savings with a long time frame and a reasonable risk framework would mean that there may be a reasonable fund available for house purchase and that by the time they reached retirement age there might be a substantial pension fund. Funding a pension is a viable option for young children as there are significant tax breaks and the money will be made available at retirement (so no chance of blowing it all on a motorbike at 16). Often, in retirement, income is generated and not used and just recycled back to bank or building society accounts which are currently earning very poor interest rates. Redirecting this unused income towards a pension plan or savings plan for a grandchild might make a huge difference to their future and you may save some IHT. richmondindependent.co.uk helen@richmond-ifa.com 01395 512166 There are many ways of mitigating IHT and it's important to seek advice. For some, the new main residence nil rate band may solve the problem (although please note that legislation can, and often does change), but for others a range of planning may make a difference to the amount of IHT payable and could provide some relief for the challenges facing new generations. Please note that the Financial Conduct Authority does not regulate Inheritance Tax Planning. Helen Mulvaney *Figures from HMRC Richmond Independent is a trading name of Investment & Financial Solutions Partnership LLP which is authorised and regulated by the Financial Conduct Authority The Old Vet’nary continued from page 97 So we moved to a delightful spot in the grounds of a Country House Hotel. It was an idyllic time, or would have been had we not all had the dreaded Finals hanging over us. The staff, from Professors down to technicians made it so pleasant and I shall be forever grateful. My wife together with our first dog, a Dachshund called Dandy, would walk the mile to the shops in Goring through beautiful countryside and, joyously, I passed my Finals at first attempt. Despite our penurious poverty we were sad to leave. At last I was deemed fit to be let loose on the, no doubt anxious, world of veterinary practice. I have a photo of six of us students posing around a horse, two professors, one future head of the Army Veterinary Service, one American drop-out and two General Practitioners; and of these who do I rate the most? why the GP’s of course! - Ken 98 Countryside, History, Walks, the Arts, Events & all things Devon at: DEVONSHIRE magazine.co.uk
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Cover - Vintage Railway Posters DEV
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Whittaker Commercial New Build Refu
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From the Editor GOODBYE SUN Somethi
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14 62 50 52 84 DEVONSHIRE Devon
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Letterbox YOUR NEWS TO THE EDITOR -
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Letterbox Adrian Sykes at Marine Ho
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AA Box 456 by Ian Hosker Box 456 st
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Before the drought You guessed it,
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Free Valuation Day Wednesday 26th S
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What's On: September & October 18 M
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What's On: Sept and Oct 18 BARNSTAP
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What's On: Sept and Oct 18 Patron:
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• CERTIFICATE of • • the What
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Image by: Morphing Pictures Image b
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Great Devon eateries By Richard & J
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Great Devon eateries The Otterton F
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continued from page 15 Great Devon
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FREE ADMISSION Around the World wit
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People doing what they have for the
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It's difficult to convey the size o
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The South Devon Experts Letting you
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FASHION & BEAUTY Hello Autumn As Au
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FASHION & BEAUTY But here’s the t
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Page 55 and 56: HEATHMAN HAIR STUDIO 01364 653200 |
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Devonshire's East Devon magazine September October 2018

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