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Keeping it in the family
KEY POINTS
- Clients worry about inheritance tax but may be reluctant to pay for advice.
- No business property relief is available on a director’s loan account.
- Careful will drafting is required to take advantage of the residence nil rate band.
- Gifts made out of income are inheritance tax free.
- Clients should take independent financial advice when making investments.
Many clients are concerned about inheritance tax and can get quite animated about it without having much detailed understanding of how it could apply to them. They are also reluctant to pay large fees for long-term advice when there is no immediate cash saving in prospect. The combined ignorance and fee aversion makes it easy to miss inheritance tax planning opportunities and for general practitioners not to feel it is worthwhile raising the...
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