In today’s Press & Journal, Carbon’s investment director, Barry O’Neill, issues some timely advice for anyone feeling nervous about their tax planning in the wake of the Panama Papers and the pressure put on David Cameron to reveal details of his financial affairs.
Barry specifically mentions the two £100,000 gifts Mr Cameron received from his mother in 2011 and the inaccurate reporting around the £80,000 of inheritance tax that this could save. His concern is that these reports could undermine perfectly legitimate tax planning. In fact, Barry goes on to stress that outright gifting such as this is one of the most effective inter-generational planning tools available to us.
This kind of planning is not only legitimate but particularly effective. There is the obvious joy of seeing your loved ones benefit from what can be life-changing sums rather than simply leaving it behind in your will. Just as importantly, it is non-contentious, morally acceptable and entirely legal.
The article goes on to explain further planning options such as trusts which allow greater control over the funds. Barry also explains the forthcoming changes that will allow couples to leave their direct decedents an estate worth up to £1million by the 2020-21 tax year.
Given the possible misinterpretation of Mr Cameron’s financial affairs it is a timely reminder of the benefits of seeking out sound advice when planning your financial future. You can read Barry’s full article here.
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