Principle First Launches New Online Inheritance Tax Planner
on: March 23, 2010, 8:18 am
Author: Principle First
Principle First has announced the online launch of its unique
Inheritance Tax Planner facility.
Developed in close consultation with clients, the unique new online tool enables
users to calculate their own personal liability for inheritance tax.
Levied at 40%, Inheritance Tax (IHT) is one of the most important taxes to HMRC (The
Revenue Commissioners), and swells the taxman's coffers by billions of pounds every
year. The good news though, for many inheritors, is that a good financial adviser can
radically cut a person's IHT liability, in just a few simple steps.
The new Principle First online Inheritance Tax Planner alerts clients to
their current Inheritance Tax liability and when used alongside Principle First's financial planning advice it could enable them
to vastly reduce or completely eliminate their exposure to what has been called
'the most avoidable tax of all'.
The Principle First Inheritance Tax Calculator is an important tool as it helps with
the crucial first step in avoiding this most expensive of taxes which is simply
knowing how much could be owed.
IHT can apply to parts of a person's wealth when they pass funds and assets on to
their children. It is a relatively simple calculation based on the total assets in
their 'estate', less debts and liabilities. Despite this, many people fail to take
a few minutes to work out their IHT liability, and then take advice on how to reduce
The current tax-free allowance, or 'nil rate band' for IHT in 2010-11 is £325,000
(£650,000 for a married couple or civil partnership). This amount however covers a
wide range of assets which are included as part of an estate. Calculations need to
include the value of properties, cars, valuables, savings, investments, and
insurances – less the value of any outstanding mortgage, loans and other debts.
By entering these values into the inheritance Tax Planner, in response to a series
of simple questions, the user can calculate the value of their estate, and deduct
their allowance to show how much of their wealth will be liable to Inheritance Tax.
The calculator will then show how much of that they would have to pay in Inheritance
Tax at this moment.
Principle First believes the new online tool will prove to be a simple but valuable
asset for its clients which could easily help them save thousands of pounds which
they would otherwise lose to HMRC.
About Principle First
Principle First Chartered Financial Planners is one of the leading UK independent
financial advisers and distributors of mortgages, insurances, pensions and
investments. In 2008, Principle First became one of the few financial advisers to
achieve the status of Chartered Financial Planners, the UK's 'gold standard' in
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