Our Approach
We started by gifting money and property to children, alongside utilising tax efficient investments to reduce his exposure to inheritance tax. It became clear that he had a number of different investments and pensions which needed restructuring and simplifying, so we restructured some of investments to simplify his portfolio. As a final tax efficient measure, we advised him to make further contributions into his pension,since this falls outside of your estate for inheritance tax purposes.
The Outcome
By undertaking a thorough review, we reduced his exposure to inheritance tax by £1 million and we are now working with him to reduce the remaining amount.