Lonsdale’s Ray McHugh, IFA, Barnet - Working with Solicitors and Accountants

Friday 29 December, 2017

Ray McHugh, IFA Barnet, North London reviews how Lonsdale Wealth Management are working with Professional Advisers - solicitors and accountants to offer the most appropriate independent financial planning advice to clients.

Ray McHugh, independent financial adviser and member of the Barnet financial planning team said:

‘In my opinion one of the big trends coming over the next few years will be closer working links between independent financial advisers (IFAs), solicitors and accountants. Lonsdale Wealth Management has had more interest and enquiries from solicitors and accountants in 2017 than in previous years.  This is happening for a number of reasons.  Firstly the pension freedom & choice reform has increased the flexibility of pensions which has enabled pension planning to be used as part of inheritance tax planning (IHT).  Regulatory changes concerning the nil-rate band are also of interest to clients and professional connections. I believe that inheritance tax does need specialist advice from accountants who are advising clients on their tax position and in some cases advising clients who having sold a business have cash that is increasing their wealth and their potential inheritance tax position. They also need advice from their solicitor in effecting and arranging wills and their affairs in a timely manner.’

Despite the changes to the main residence nil-rate band in April – thereby reducing the liability for homeowners, inheritance tax receipts are forecast to soar over the next few years.  There are two key drivers of this trend. Firstly the main nil-rate bond has been frozen at £325,000 since 2008 and may stay at this level until 2021.
The second driver has been the appreciation in the value of peoples’ homes and property. As a consequence more people may find themselves liable to pay inheritance tax as a result. Some research by Prudential earlier this year said that the average inheritance tax bill is about £175,000 and the amount of estates paying inheritance tax has doubled in the last few years. In 2012 there were only 18,000 estates that paid inheritance tax, in 2017-2018 it is anticipated that IHT will be chargeable on more than 40,000 estates.

Ray McHugh, independent financial adviser, Barnet, North London continued:

‘We have worked with many professional intermediaries recently on inheritance tax planning enquiries.  These solicitors and accountants particularly liked our Lifetime Financial Planning tool that allows us to model our clients’ cashflow.  If you would like to find out more about the way we offer financial planning advice please call me on 0208 275 1161. We would be pleased to work with professional connections who have inheritance tax planning enquiries.’ 

Please note: The FCA does not regulate tax advice

 

Latest News Next Article Previous Article